Inivata to be Acquired by NeoGenomics
Exercise of purchase option to acquire remaining Inivata equity interest for $390m
Inivata to become a liquid biopsy focused division of NeoGenomics
Research Triangle Park, NC, USA and Cambridge, UK, 5 May 2021 — Inivata, a leader in liquid biopsy, today announces that NeoGenomics, Inc (NASDAQ: NEO.), a leading provider of cancer-focused genetic testing services and global oncology contract research services, has agreed to acquire Inivata. The acquisition follows a $25 million minority equity investment by NeoGenomics in Inivata in May 2020, at which time NeoGenomics was granted a fixed price option to purchase the remainder of Inivata for $390 million.
Inivata, with its leading liquid biopsy technology platform, will remain a separate business division alongside NeoGenomics’ growing clinical, pharma and informatics divisions. Current Inivata CEO Clive Morris will become the President of Inivata and will report to Mark Mallon, CEO of NeoGenomics.
Inivata will be focused on the continued development of leading liquid biopsy tests including RaDaR™, the highly sensitive personalized assay for the detection of residual disease and recurrence (MRD). Proof-of-principle data presented at this year’s AACR Annual Meeting showed RaDaR demonstrated excellent specificity (100%) and sensitivity (100%) in detecting MRD in patient cohorts with head and neck cancer and early-stage breast cancer. These results provided growing evidence in support of RaDaR’s capabilities in different cancer types, building on data previously reported in non-small cell lung cancer (NSCLC), where RaDaR detected ctDNA 6-12 months ahead of clinical progression in the majority of cases and predicted lower progression free survival.
Clive Morris, CEO of Inivata, commented:
“Joining the NeoGenomics Group provides Inivata with an excellent foundation to support our growth ambitions. Our two organizations have highly complementary capabilities and we are excited to combine with NeoGenomics following a successful year of working together. By leveraging our combined resources, we expect to accelerate the development of our promising RaDaR minimal residual disease assay and bolster commercialization efforts with biopharma before driving a successful launch into the clinical setting.”
Mark Mallon, CEO of NeoGenomics, commented:
“NeoGenomics has spent the better part of the last year working in partnership with the exceptional team of professionals at Inivata while conducting confirmatory due diligence on Inivata and its world-leading liquid biopsy platform technology. We are exercising our option to purchase Inivata eight months ahead of plan and are delighted to welcome Inivata’s world class team of liquid biopsy experts and talented employees to NeoGenomics.”
Douglas M. VanOort, Executive Chairman of NeoGenomics commented:
“Testing for minimal residual disease has the potential to revolutionize oncology care to benefit millions of patients as they manage through their cancer journey and we are excited to innovate our offerings with Inivata’s best-in-class platform. Combining Inivata’s compelling technology with our unrivaled reach into the clinical community channel and existing relationships with biopharma is a winning strategy.”
Perella Weinberg Partners LP acted as financial advisor to Inivata. Inivata was represented by K&L Gates LLP through a cross-border, multi-disciplinary transactional legal team spread across offices in Raleigh, Chicago, New York, San Francisco, Washington D.C. and London.
Inivata is a leader in liquid biopsy. Its InVision® platform unlocks essential genomic information from a simple blood draw to guide and personalize cancer treatment, monitor response and detect relapse. Inivata’s technology is based on pioneering research from the Cancer Research UK Cambridge Institute, University of Cambridge.
Its lead product, InVisionFirst®-Lung is commercially available internationally and through NeoGenomics in the US. It offers competitive sensitivity and turnaround, providing molecular insights that enable clinicians to make more informed treatment decisions for advanced NSCLC patients. Inivata has also launched the personalized RaDaR® assay – allowing the highly sensitive detection of residual disease and recurrence – which has been granted Breakthrough Device Designation by the US FDA.
Inivata is partnering with pharmaceutical, biotechnology companies and commercial partners in a range of early and late-stage cancer development programs. The Company has a CLIA certified, CAP accredited laboratory in Research Triangle Park, NC and R&D laboratories in Cambridge, UK.
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NeoGenomics, Inc. specializes in cancer genetics testing and information services, providing one of the most comprehensive oncology-focused testing menus in the world for physicians to help them diagnose and treat cancer. The Company’s Pharma Services Division serves pharmaceutical clients in clinical trials and drug development.
NeoGenomics is committed to connecting patients with life altering therapies and trials. We believe that, together, with our partners, we can help patients with cancer today and the next person diagnosed tomorrow. In carrying out these commitments, NeoGenomics adheres to all relevant data protection laws, provides transparency and choice to patients regarding the handling and use of their data through our Notice of Privacy Practices, and has invested in leading technologies to ensure the data we maintain is secured at all times.
Headquartered in Fort Myers, FL, NeoGenomics operates CAP accredited and CLIA certified laboratories in Fort Myers and Tampa, Florida; Aliso Viejo, Carlsbad and San Diego, California; Houston, Texas; Atlanta, Georgia; Nashville, Tennessee; and CAP accredited laboratories in Rolle, Switzerland, and Singapore. NeoGenomics serves the needs of pathologists, oncologists, academic centers, hospital systems, pharmaceutical firms, integrated service delivery networks, and managed care organizations throughout the United States, and pharmaceutical firms in Europe and Asia.