Immunodiagnostics specialist Oncimmune Holdings PLC (AIM:ONC) said it is selling two of its subsidiaries to American biotech firm Freenome Holdings. Oncimmune Limited and Oncimmune Europe GmbH will be acquired for £13mln in cash.
Included in the deal are the EarlyCDT Lung blood test, which holds a CE mark, an antibody platform, and a research and development pipeline.
Oncimmune will retain control over its ImmunoINSIGHTS arm. This business unit specialises in the discovery of immuno-biomarkers which inform the development and deployment of immunotherapies.
As part of the transaction, a master services agreement (MSA) has been signed that will see Freenome purchase services worth around £1mln annually.
The sale came about as part of Oncimmune's strategic reorganisation, which started last July. The company began focusing on the development and growth of its pharmaceutical services through ImmunoINSIGHTS, leading to the restructuring and eventual sale of the subsidiary businesses.
In parallel with the sale, Oncimmune has also unveiled its strategy for managing its existing financial obligations - specifically, £10.1mln owed to IPF Management SA.
The group has agreed to repay £6.3 million of that sum and has negotiated a new facility for the outstanding £5.2mln.