Tuesday, June 26, 2018

Bio-Techne To Acquire Exosome Dx for Up To $575M

Xconomy and other sources report that publicly held Minneapolis-based biotech conglomerate Bio-Techne will acquire Exosome Diagnostics for up to $575M, with $250M as the initial payment and later payments with contingencies.
Bio-Techne website here.  Yahoo Finance here.   Bio-Techne has a market cap of about $6B, 2017 revenue of about $600M, and 2017 profit of about $60M.  Bio-Techne's one-year share price is up from $115 to $157.  See a 2017 article on Bio-Techne here.  According to one website, CEO Charles Kummeth had $9M compensation in 2017.

In summer 2017, Exosome received an AMA PLA code for its Prostate(Intelliscore) test and raised $30M in Series C funding.  By Fall 2017 the new code was crosswalked to the payment for the Opko 4KScore test (81539) at $760.   So far as I know, Exosome has "code and pricing" and are still working on CMS "coverage."
  • See 0005U, Oncology (prostate) gene expression, profile by real-time RT-PCR of 3 genes (ERG, PCA3, and SPDEF), urine, algorithm reported as risk score.
Follow ExosomeDx on Twitter here.

Other very recent diagnostics acquisitions include Roche acquiring outstanding shares of Foundation Medicine for $2.4B on June 19, and Myriad acquiring Counsyl for $375M on May 29.

The chart below shows FMI's rise from $36 last summer to $136 in June 2018.