NeoGenomics wraps up takeover of liquid biopsy platform company Inivata
NeoGenomics, a US-based cancer diagnostics and pharma services company, has wrapped up its previously announced $390 million takeover of Inivata, a liquid biopsy platform company based in Cambridge, England.
The deal was announced in May 2021 by NeoGenomics as it exercised a purchase option to acquire the remaining equity interest in Inivata. A year prior to that, NeoGenomics made an equity investment of $25 million for a minority stake in Inivata.
Inivata developed a platform called InVision that is said to unlock vital genomic information from a simple blood draw to guide and customize cancer treatment, monitor response, and also detect relapse.
The company’s technology is based on research from the Cancer Research UK Cambridge Institute, University of Cambridge.
Inivata will now operate as a liquid biopsy focused unit alongside NeoGenomics’ clinical, pharma and informatics divisions.
The company’s CEO – Dr. Clive Morris will be the president of Inivata and will report to NeoGenomics CEO Mark Mallon.
Commenting on NeoGenomics acquisition of Inivata, Mark Mallon said: “Inivata has been a strategically important partner for us over the last year and we are excited today to officially welcome the company’s world class team of professionals and liquid biopsy capabilities to NeoGenomics.
“We are particularly enthusiastic about Inivata’s highly sensitive RaDaR assay, targeting the emerging and significant opportunity for minimal residual disease testing. We plan on leveraging our established oncology diagnostics leadership position, human capital, strong pharma and clinical market relationships, and robust balance sheet to accelerate the development of this assay.
“The addition of Inivata bolsters our leading market position today and further establishes us as a leader in the rapidly evolving liquid biopsy testing space.”