NEW YORK (GenomeWeb News) – Iris International said today it has completed its acquisition of AlliedPath for up to $6 million.
The deal was originally announced last week and includes $4.7 million in cash to AlliedPath and up to $1.3 million in an earn-out, subject to certain sales and earnings targets being met over the next three years.
AlliedPath is based in San Diego and was founded in 2008. It specializes in oncology and molecular diagnostics and received its CLIA license in 2009. Its laboratory is 10,000 square feet.
In a statement, Cesar Garcia, chairman and CEO of Iris, said that the purchase is a "significant step forward" for Iris and provides it with a CLIA-certified molecular pathology lab "offering differentiated high-value molecular diagnostic services in the rapidly growing field of personalized medicine."
The deal also offers a direct commercial channel for acceleration of Iris' NADiA nucleic acid detection immunoassay platform, Garcia added.