NEW YORK – Biotherapeutics and contract research firm ImmunoPrecise Antibodies (IPA) said Tuesday that it has reached an agreement to acquire Belgian bioinformatics startup BioStrand, including its wholly owned subsidiaries BioKey and BioClue, for €20 million ($22.2 million), including €2 million in cash and €18 million in equity. The purchase agreement will also include potential earn-out considerations.
IPA, of Victoria, British Columbia, will pay €1 million in cash at closing, while €500,000 will be held back for 90 days and the remainder retained for as long as three years. The company expects the deal to close no later than April 15.
Diepenbeek, Belgium-based BioStrand offers a cloud-based artificial intelligence system for analyzing multiomic datasets for detecting biological signatures.
"The addition of BioStrand's next-generation capabilities in systems omics analysis further enhances IPA's unique ability to serve as a single-source partner to support our clients' in silico, in vitro, and in vivo research," IPA President and CEO Jennifer Bath said in a statement.