Oxford Immunotec Global plc (NASDAQ:OXFD) acquires Norwood, MA-based Imugen for $22.2M in cash. The transaction should close no later than July 1.
Imugen is a clinical reference laboratory that specializes in testing for tick-borne diseases like Lyme Disease.
The deal will add ~$5.5M to Oxford's top line in H2, raising its guidance for calendar 2016 to $79.5M - 82.5M. It expects to have $30M in cash at year end, enough to finance operations into H2 2018 based on its current operating plan.
Management will host a conference call tomorrow morning at 8:00 am ET to discuss the acquisition.