ImmunoPrecise adds next-gen antibody discovery tech with ModiQuest purchase
ImmunoPrecise is a contract research organization (CRO) providing therapeutic antibody discovery services. Last week, the Canadian company announced its acquisition of ModiQuest, a custom antibody generation and development provider.
With all related, core activities to be conducted under one company, ImmunoPrecise will offer an increased variety of therapeutically-focused methods of immunization and antigen design, according to the company.
Services include genetic immunization with multiplexed screening, B-cell screening and sorting technologies, antibody expression, stable cell line development, and lead selection, among others.
“Our acquisition of ModiQuest confirms our commitment to excellence as a CRO focused on the next generation of antibody discovery,” said Jennifer Bath, PhD, ImmunoPrecise CEO, in a press release.
“The acquisition is immediately accretive and will have a positive impact on consolidated revenues and earnings in the near future,” she added.
With The Netherlands-based ModiQuest, European operations now account for approximately 66% of ImmunoPrecise’s corporate revenues.
ImmunoPrecise acquired ModiQuest and its sister entity, Immulease BV – a holding company owning research equipment used in ModiQuest’s operations – for €7m (C$11.2m).
The company has also completed a previously announced non-convertible debenture financing in the amount of approximately C$4m.
The acquisition is anticipated to create annualized revenues of between C$3.5m and C$4.5m for fiscal 2019. Anticipated accretive annualized EBITDA is between C$750,000 and C$850,000 for the same time period.