Exonhit and InGen BioSciences Merge to Create Diaxonhit

Say “bonjour” to Diaxonhit. That’s the name of the new French IVD company that will debut with the upcoming merger of Exonhit and InGen BioSciences S.A. The Paris-based personalized medicine company announced November 6 that it has signed an agreement to purchase InGen for €18 million. Eight million euro of the purchase price will be in cash and the remainder will be in Exonhit stock issued to InGen shareholders. Pending the approval of Exonhit’s shareholders, the acquisition is expected to close in December 2012.
Exonhit specializes in diagnostics for oncology and Alzheimer’s disease. Company executives believe Diaxonhit will emerge as strong player in the French IVD market, and they expect the company’s AclarusDx for Alzheimer’s and other products will receive a commercial boost because of InGen’s distribution network. Diaxonhit plans to develop molecular and nonmolecular diagnostics in immunoinfection, Alzheimer’s disease, and cancer, according to Exonhit. Exonhit plans to finance €6 million of the acquisition’s cash portion through private institutional investors.
InGen leads the French market in tests for human leukocyte antigen (HLA) for determining the compatibility of donors and recipients in organ and bone marrow transplants, according to Exonhit. Other InGen products include immunoassay tests, emergency tetanus tests, and a diagnostic for detecting infections in prosthetic joints. Revenues in 2011 were €23.3 million, with 71% of that total coming from HLA sales.
---John Conroy