Oncimmune Holdings sells businesses to Freenome in £13m deal
James Spargo | May 22, 2023 | News story | Sales and Marketing | Freenome, Oncimmune Holdings, Oncology, acquisition
UK-based life sciences and immunodiagnostics firm Oncimmune Holdings has announced that it has sold its Oncimmune Limited and Oncimmune Europe businesses to US biotechnology company Freenome. The sale is part of Oncimmune’s strategic reorganisation which began in July 2022.
Oncimmune will retain the rights to its ImmunoINSIGHTS business, which specialises in the discovery of immune-biomarkers, primarily through its subsidiary Oncimmune Germany. However, the deal will include Oncimmune’s EarlyCDT lung product, EarlyCDT platform and autoantibody development business.
The companies also signed a master services agreement (MSA), meaning Freenome will purchase services worth around £1m from Oncimmune annually.
Adam M Hill, CEO of Oncimmune, said: “We are delighted to pass the EarlyCDT technology platform and pipeline of autoantibody targets for other cancer indications to Freenome to advance Freenome’s multi-cancer early detection screening pipeline. We have confidence that in their hands and with our teams’ expertise, the full potential of the technology will be unlocked to the benefit of patients. Having now completed the sale, the group will focus on driving profitable growth in our ImmunoINSIGHTS pharma services business. Signing the MSA between ImmunoINSIGHTS and Freenome also adds Freenome as a new major client alongside seven of the top 15 global pharma companies who use the ImmunoINSIGHTS platform.”
Mike Nolan, CEO of Freenome, said: “Oncimmune and Freenome share a deep commitment to patients and this acquisition is consistent with Freenome’s holistic solution to cancer detection. Oncimmune’s track record of translating innovative technologies into mainstream clinical use, now being integrated with Freenome’s platform and team, strengthens our multiomics approach to make an even greater impact for patients across a range of indications.”
James Spargo
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