Clarient Inc. of Aliso Viejo said it bought Huntsville, Ala.,-based Applied Genomics Inc. in an all-stock deal worth up to $17.6 million.
Clarient Chief Executive Officer Ron Andrews said Applied Genomics brings a new lung cancer panel as well as several cancer tests that are in development. Clarient also gets a lab in the eastern U.S. and access to Applied’s network of academic consultants.
Andrews said the acquisition puts Clarient in a position to grow in 2010 and later.
“The combination of near-term commercial opportunity, the rich, long-term pipeline, and the robust development capabilities would be nearly impossible to replicate in-house and would take an investment of many years and considerable cash resources to attempt to do so,” Andrews said.
The merger was announced after the markets closed today. Clarient stock, which is listed on Nasdaq, rose 8 cents to $2.56 in after-hours trading.
Read the Clarient news release here.
