NEW YORK (GenomeWeb News) – OncoVista Innovative Therapies announced that it has sold its majority stake in tumor diagnostics subsidiary AdnaGen to an entity called Alere Holdings Bermuda Limited Canon's Court.
Under the terms of the deal, OncoVista, based in San Antonio, Texas, will receive an upfront payment of $10 million, milestone payments of up to $10 million related to certain financial goals being met within 24 months, and milestone payments of up to $63 million related to clinical, regulatory, and sales goals being met within 36 months.
OncoVista is receiving up to $65 million in cash as part of the deal, and said in a statement that it is entitled to receive its pro rata portion of about 78 percent of the entire $83 million offer.
OncoVista acquired AdnaGen in 2006, and owned about 78 percent of the Langenhagen, Germany-based firm.
AdnaGen is developing molecular diagnostic tests for breast, prostate, and colorectal cancers.