Nottingham life sciences firm sold in £13m deal
Nottingham life sciences firm Oncimmunue Holdings has been sold its Oncimmune Limited and Oncimmune Europe businesses to US firm Freenome in a deal worth £13m.
Freenome is a biotechnology company with a platform for the early detection and early intervention of cancer.
Oncimmune will continue to operate its ImmunoINSIGHTS business, primarily through its subsidiary Oncimmune Germany.
Oncimmune’s board has been considering several options for the realisation of value from non-core assets for some time.
Since the acquisition of the ImmunoINSIGHTS business, Oncimmune has focused its corporate strategy on the development and growth of its pharma services offering through this business.
In July 2022, Oncimmune’s EarlyCDT® Lung product, EarlyCDT® platform and autoantibody development business, based in Nottingham, was restructured. The board then started to market the business for sale.
Dr Adam M Hill, CEO of Oncimmune said: “We are delighted to pass the EarlyCDT® technology platform and pipeline of autoantibody targets for other cancer indications to Freenome to advance Freenome’s multi-cancer early detection screening pipeline. We have confidence that in their hands and with our teams’ expertise, the full potential of the technology will be unlocked to the benefit of patients. Having now completed the Sale, the Group will focus on driving profitable growth in our ImmunoINSIGHTS pharma services business. Signing the MSA between ImmunoINSIGHTS and Freenome also adds Freenome as a new major client alongside 7 of the top 15 global pharma companies who use the ImmunoINSIGHTS platform.”
Mike Nolan, chief executive officer of Freenome said: “Oncimmune and Freenome share a deep commitment to patients and this acquisition is consistent with Freenome’s holistic solution to cancer detection. Oncimmune’s track record of translating innovative technologies into mainstream clinical use, now being integrated with Freenome’s platform and team, strengthens our multiomics approach to make an even greater impact for patients across a range of indications.”