Clinical Data, Transgenomic deal
Transgenomic will acquire Clinical Data's genetic and pharmacogenomic testing and biomarker development business for approximately $15.4 million. The deal includes $6 million in cash, a three-year promissory note for $8.5 million that bears 10% interest and a one-year promissory note for $932,000 that bears 6.5% interest. Clinical Data will receive a percentage of accounts receivables collected by Transgenomic over the first 18 months after the deal closes, which is expected by year end. Clinical Data also is eligible for milestones and royalties.
The deal includes the FAMILION family of genetics tests to identify inherited heart diseases and biomarkers used in the PGxPredict tests which predict drug response. Transgenomic said the acquisition will strengthen its diagnostic and pharmacogenomics service aspects. Clinical Data said net revenue related to the FAMILION products was $11.1 million for the 2010 fiscal year ended March 31. ...