Dr. Steve Cutler, Icon CEO said on the company’s recent earrings call that acquisition enhances its laboratory offering in molecular diagnostic tests, “a key area in oncology research.”
The acquisition – terms of which were not disclosed – also expands Icon’s testing platforms with next-generation sequencing and immunohistochemistry. MolecularMD also provides companion diagnostics development services.
“[The acquisition is] not just the enhancement of our lab capabilities. I believe it's an enhancement of our clinical operations and our clinical program management capabilities as well,” Cutler added on the call.
An evaluation of the business will be conducted over the next couple of quarters, he noted.
“There are certainly some parts of the business that we look at and we think could be very, very nicely applied and synergized across our businesses. And I talked about that CAR-T and cell-based project expertise in the first-mover advantage we believe we have in that space and how that could be applied,” said Cutler.
Icon currently operates a network of fully accredited laboratory facilities, including central laboratories in Dublin, Ireland, Farmingdale NY, Singapore and Tianjin, China, as well as a bioanalytical laboratory in Whitesboro, NY.
The company also earlier this year launched a new drug safety reporting platform.