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NeoGenomics Inc (NASDAQ: NEO) has agreed to acquire the remaining stake in Inivata Ltd, a commercial-stage liquid biopsy platform company headquartered in England.
The acquisition follows a $25 million minority equity investment by NeoGenomics in Inivata in May last year, at which time NeoGenomics was granted a fixed price option to purchase the remainder of Inivata for $390 million.
The cash purchase price will be funded with balance sheet cash and a private placement of equity, with the expected gross proceeds of $200 million.
The acquisition is expected to close concurrently with the private placement in June 2021.
Inivata will become a liquid biopsy-focused division alongside NeoGenomics' growing clinical, pharma and informatics divisions. Current Inivata CEO Clive Morris will become the President of Inivata and report to Mark Mallon, CEO of NeoGenomics.
Private Placement: NeoGenomics will sell 4.4 million shares at $45.00 per share
Price Action: NEO shares down 4.85% to $45.26 in the premarket session on the last check Wednesday.
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