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Bionano Genomics to Acquire Genome Software Firm BioDiscovery for $100M in Cash, Stock

NEW YORK — Bionano Genomics said on Tuesday that it has signed an agreement to acquire genomic software firm BioDiscovery for up to $100 million in cash and stock.

Bionano said that the deal is aimed at expanding its presence in the digital cytogenetics and genome analysis markets through the addition of BioDiscovery's Nx Clinical software for the analysis and interpretation of genomic variants from microarray and sequencing data.

Bionano provides tools and services for genetic research and patient testing based on its flagship Saphyr optical genome mapping, or OGM, system, a research-use-only platform for structural variation detection. It also offers diagnostic testing for autism spectrum disorder and other neurodevelopmental disabilities through its Lineagen business.

"This acquisition accelerates our efforts to make OGM ubiquitous by enabling us to simplify the assessment of clinically relevant variants in cytogenomics applications, potentially reducing interpretation time per sample and expanding our reach into the discovery and translational research markets where the combination of NGS and OGM can reveal more answers in genetic disease and cancer research," Bionano CEO Erik Holmlin said in a statement.

Under the terms of the deal, a portion of the equity is subject to vesting based on continued service of certain employees. In addition, a portion of the cash consideration is contingent on the full integration of OGM data into El Segundo, California-based BioDiscovery's software platform.

The transaction is expected to close by the end of the month.

In August, San Diego-based Bionano reported a 226 percent jump in second quarter revenues to $3.9 million, with cash and cash equivalents of $332.6 million as of June 30.