APx Acquisition announces merger with OmnigenicsAI and MultiplAI Health
In a landmark transaction for the biotechnology and AI industries, APx Acquisition Corp. I (NASDAQ: APXI), OmnigenicsAI Corp, and MultiplAI Health Ltd have signed a definitive Business Combination Agreement (BCA). This deal, valued at approximately $340 million, is poised to create a leading global genomics company driven by artificial intelligence (AI), enhancing precision medicine through advanced health evaluation services. Upon successful closing, expected by mid-year pending APx shareholder approval and customary conditions, OmnigenicsAI’s shares are slated for Nasdaq listing under the ticker “OMNI”.
The partnership underscores a shared commitment to revolutionizing healthcare through AI integration, promising to deliver personalized health insights and clinical guidance on an unprecedented scale. The collaboration brings together OmnigenicsAI’s precision medicine expertise, incubated by Bioceres Group PLC, with MultiplAI’s AI-enabled preventive medicine innovations from the UK. This synergy is expected to facilitate the interpretation of complex genomic data, offering a suite of services spanning prevention, early detection, diagnostics, and treatment.
OmnigenicsAI’s forthcoming offerings include DNA and microbiome analysis for tailored nutrition plans, RNA screening for early disease detection, and specialized clinical genetic tests supported by telemedicine. This comprehensive approach aims at advancing preventive health strategies and enhancing patient outcomes across various medical fields, including oncology, prenatal care, and rare diseases.
Kyle Bransfield, Chairman of APx, lauded the merger as a milestone aligning with APx’s innovative vision, positioning OmnigenicsAI as a leader in the move towards global health equity. Mark Ramondt, CFO and COO of MultiplAI and CEO nominee of OmnigenicsAI, highlighted the merger’s potential to pioneer a new healthcare category that leverages AI and genomic data for personalized health management.
The agreement involves APx merging with OmnigenicsAI’s wholly owned subsidiary, Heritas Merger Sub Limited, with APx emerging as the surviving entity under OmnigenicsAI’s umbrella. Additionally, a prior Share Purchase Agreement (SPA) between OmnigenicsAI’s controlling shareholder, Heritas Ltd, and MultiplAI, facilitates MultiplAI’s integration into OmnigenicsAI, further solidifying the combined entity’s market position.
This strategic merger marks a significant step towards integrating AI with genomics, potentially setting a new standard for personalized medicine. By leveraging cutting-edge technologies and vast genomic datasets, OmnigenicsAI is poised to offer enhanced health evaluation services that could transform preventive medicine and patient care strategies. The collaboration highlights the growing importance of AI in interpreting complex biological data, suggesting a promising future for precision medicine and health equity worldwide.