NeoGenomics has exercised its option to buy Inivata, a precision cancer diagnostics company that was formed to exploit Cambridge and CRUK research seven years ago.
Inivata, a UK-based precision cancer diagnostics spinout of University of Cambridge and Cancer Research UK, agreed to an acquisition by cancer diagnostics service provider NeoGenomics for $390m today.
NeoGenomics had supplied a $25m initial series C tranche in May 2020 as part of a strategic collaboration agreement that gave the corporate a fixed price option to purchase the spinout.
Founded in 2014, Inivata has created a liquid biopsy platform that can extract genomic information from a simple blood draw. The technology enables personalised cancer treatment by monitoring response to therapy and detecting relapse.
Its lead product, InVisionFirst-Lung is aimed at patients suffering from advanced non-small-cell lung carcinoma. It is commercially available internationally, including through NeoGenomics in the US.
Inivata will operate as a distinct business division within NeoGenomics, with the spinout’s chief executive Clive Morris appointed president of Inivata.
The spinout closed its aforementioned series C round at $60m in February this year after commercialisation firm IP Group backed a $35m extension. Soleus Capital led the round, which also attracted Janus Henderson Investors and Farallon Capital.
Cambridge Innovation Capital (CIC) and IP Group previously took part in a $52.2m series B round in 2019, when Woodford Patient Capital Trust (WPCT) – now called Schroder UK Public Private Trust – RT Ventures and Johnson & Johnson Innovation – JJDC, the corporate venturing arm of healthcare group Johnson & Johnson, also invested.
CIC, WPCT, JJDC and Imperial Innovations – later rebranded to Touchstone Innovations and now owned by IP Group – backed a $45m series A round in 2016.
Imperial Innovations had led a $6m seed round in 2014, when CIC and JJDC also participated.
