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Exiqon Buys Oncotech for $45M To Build Dx Chops; First miRNA Test to Launch in 2008

NEW YORK (GenomeWeb News) - Exiqon said today that it will acquire privately held cancer diagnostics maker Oncotech for around $45 million in an all-share deal.
 
Exiqon, based in Copenhagen, Denmark, said the combined company will market miRNA-based tests that will use Exiqon’s biomarker technology coupled with Oncotech’s cell-based diagnostics infrastructure.
 
Exiqon said it plans to launch the first of these tests next year.
 
Exiqon expects Tustin, Calif.-based Oncotech to be the marketing arm for the sale of future diagnostics products based on Exiqon’s LNA technology and miRNA biomarkers.
 
Oncotech supplies molecular cancer testing services to around 1,200 hospitals, Exiqon said. The deal will become final in January 2008, and should not affect the company’s 2007 financial results.
 
Oncotech also has a sample bank of human cancer tumors and a CLIA – certified testing laboratory in California.
 
The combined firm will employ around 200 staffers, Exiqon said.

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