October 14, 2016 05:47 AM | Covington Associates
Covington continues its active role as advisor to the Diagnostics sector
BOSTON, MA – October 14, 2016 – Covington Associates LLC, a leading middle market investment bank, announced its role as exclusive financial advisor to Boston-based Immunetics, Inc. (“Immunetics” or “the Company”) on its recent sale to Oxford Immunotec Global PLC (Nasdaq:OXFD), a global diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions.
Immunetics’ platform includes novel proprietary assays for underserved infectious disease states, including C6 Lyme, Babesia, Anthrax and others, offering significant synergies with Oxford’s TB business. Oxford intends to leverage its existing sales and marketing infrastructure to increase Immunetics’ revenue growth over time.
The transaction included an upfront cash amount along with near-term regulatory and commercial milestones.
“Immunetics brings a long history of innovative product development in infectious disease testing, especially in the critical area of emerging pathogens” said Andrew Levin, Founder and Chief Scientific Officer of Immunetics. “Oxford’s capabilities complement our own, enabling us to realize the value in our R&D pipeline through a strong commercial partner.”
“The combination of Immunetics’ innovative products with Oxford’s global customer channels will allow for significantly improved sales of Immunetics’ existing products and positions it well for broad commercial launch of its near-term pipeline products, notably Babesia,” notes Steven Mermelstein, Managing Director at Covington Associates and lead advisor to Immunetics.
About Covington Associates LLC
Covington Associates is an investment banking firm offering advisory services in the areas of mergers and acquisitions (“M&A”), capital raising, strategic advisory, fairness opinions, and valuations to middle-market companies across the Healthcare and Life Sciences, Business Services, Consumer & Industrial, and Technology verticals. Founded in 1991, with offices in Boston and New York, the vision for Covington has been to provide clients with the highest caliber of senior-level attention and to remain an advice-driven and results-focused organization. Since its inception, Covington Associates has completed more than 200 transactions globally for both private and publicly traded companies totaling over $15 billion.
For more information, visit www.covllc.com.
Foley Hoag LLP acted as outside legal counsel to Immunetics.
Immunetics (www.immunetics.com) offers state-of-the-art assay technology for infectious disease diagnosis and blood screening, and for more than 10 years has been a leading innovator of tests for bacterial, viral, and parasitic diseases. The Company produces and markets a range of infectious disease assay kits and instruments. Its mission is to deliver better, cost-efficient care through more accurate diagnosis.
About Oxford Immunotec
Oxford Immunotec Global PLC is a global, high-growth diagnostics company focused on developing and commercializing proprietary tests for the management of under-served immune-regulated conditions. The Company’s first product is the T-SPOT®.TB test, which is used to test for tuberculosis infection. The T-SPOT.TB test has been approved for sale in over 50 countries, including the United States, where it has received pre-market approval from the Food and Drug Administration, Europe, where it has obtained a CE mark, as well as Japan and China. The Company’s second product line is a range of assays for tick-borne diseases, such as Lyme disease, obtained through the acquisition of Imugen. The T-SPOT.CMV test and the T-SPOT.PRT test are part of the Company’s third product line focused on the transplantation market. In addition to these three product lines, the Company has additional active development programs in other immune-regulated conditions. The Company is headquartered near Oxford, U.K. and in Marlborough, Mass. Additional information can be found at www.oxfordimmunotec.com.
T-SPOT and the Oxford Immunotec logo are trademarks of Oxford Immunotec Ltd.