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NeoGenomics Inc. (NEO), which provides cancer-focused genetic testing and contract research, has agreed to learn Inivata Limited. Inivata is a commercial-stage liquid biopsy platform provider.

NeoGenomics had acquired a minority stake in Inivata in May 2020 for $25 one thousand thousand. At the time, NeoGenomics received an option to acquire the balance of the stake in Inivata for $390 million before the terminate of December 2021.

NeoGenomics is funding this acquisition with cash on hand, coupled with an equity private placement of nigh $200 million. It expects the acquisition to simultaneously close with the private placement in June.

Inivata CEO Clive Morris said, “By leveraging our combined resources, we expect to accelerate the development of our promising RaDaR minimal residual illness (MRD) assay and accelerate commercialization efforts with biopharma before driving a successful launch into the clinical setting.” (See NeoGenomics stock analysis on TipRanks)

Subsequent to this transaction, Inivata will operate as a segmentation of NeoGenomics that is focused on liquid biopsy.

Significantly, this acquisition increases NeoGenomics’ addressable marketplace. The company could get a applied science leader in the $fifteen billion minimal rest disease (MRD) market.

On April 16, Needham analyst Michael Matson initiated coverage on the stock with a Buy rating and a $65 toll target (36.6% upside potential).

Matson believes that every bit the touch of the COVID-xix pandemic softens, “NeoGenomics volition benefit from positive secular growth associated with the personalization of cancer handling based upon the stratification of cancer subtypes through the apply of genetic signatures and poly peptide biomarkers.”

Consensus on the Street is that NeoGenomics is a Strong Buy based on 7 Buys and ane Agree. The boilerplate analyst price target of $63.33 implies 33.1% upside potential. Shares take gained about 84% over the past year.

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