Imugen sold for $22M to Marlborough biotech
Imugen will be sold to fellow Marlborough biotech company Oxford Immunotec for $22.2 million, with the deal expected to close next week.
The deal, announced Thursday, would be for the assets of Imugen, which is focused on developing and performing specialized testing for tick-borne diseases. The $22.2 million all-cash deal is expected to close on July 1. According to Oxford Immunotec, there is a large amount of overlap between the two company’s focuses and there is a great deal of room for growth in the tick-borne disease market.
The release announcing the purchase did not detail what would happen to Imugen’s employees but did say that the company’s Massachusetts laboratory would expand Oxford Immunotec’s capacity to produce its tick-borne test.
According to Oxford Immunotec, which is based in England and Marlborough, Imugen is expected to contribute approximately $5.5 million in revenues in the second half of 2016.
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