Oxford Immunotec closes Immunetics acquisition, reiterates FY16 guidance
Oxford Immunotec Global announced it has closed a transaction to acquire Immunetics, a Massachusetts-based diagnostics company focused on developing specialized tests for infectious diseases, such as Lyme disease. Total consideration is comprised of $6M in cash and up to an additional $6M in cash payable on the achievement of certain revenue thresholds and pipeline related milestones over the next three years. Oxford expects the acquisition of Immunetics to contribute approximately $0.5M in revenues in Q4. Oxford continues to expect to report FY16 revenue of between $82.5M-$84.5M, consensus $83.51M. Oxford expects to have over $50M of cash at the end of 2016, excluding any draw-downs on its debt revolver.