Clinical Data Inc. (NSDQ:CLDA) offloaded its its Familion testing and pharmacogenomics biomarker assetts to molecular diagnostics developer Transgenomic Inc. (OTC:TBIO) for $15.4 million, primarily in cash and notes.
The assets represent the last unit of Newton, Mass.-based Clinical Data’s non-pharmaceutical business.
In April 2009, the company sold off its Cogenics business, which provided outsourced genomics services, to Beckman Coulter Inc. (NYSE:BEC) for about $17 million. The latest diagnostics divestiture allows Clinical Data to focus exclusively on the launch of vilazodone, a treatment for Major Depressive Disorder, said CEO Drew Fromkin in prepared remarks. The company is also developing Stedivaze, a coronary imaging drug.
Omaha, Neb.-based Transgenomic’s acquisition includes "a suite of proprietary genetic commercial tests, certain proprietary biomarker assays and the CLIA-certified laboratory operations of Clinical Data," according to the company. The Familion portfolio includes eleven molecular assay-based tests that cover inherited cardiac disorders and patients’ response to cancer treatments and the metabolism of "a variety of drugs," according to Transgenomic.
The companies expect the deal to close by the end of 2010. The transaction consists of $6.0 million in cash, $8.5 million in a three-year note issued to Clinical Data that bears interest of 10 percent per year, and a second note of $932,000 for facility improvements made to Clinical Data’s CLIA-certified lab at 6.5 percent interest for a 12-month period, according to the companies.