NeoGenomics (NEO) Acquires Oncology Division from Human Longevity for $37 Million
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NeoGenomics, Inc. (NASDAQ: NEO), a leading provider of cancer-focused genetic testing services, announced today that the company has acquired the Oncology Division assets of Human Longevity, Inc. for $37 million. The transaction closed today and was financed via available cash on hand.
The Oncology Division of Human Longevity performs Next Generation Sequencing services for pharmaceutical customers. The Division generated approximately $10 million in revenues in 2019 and ended the year with a backlog of approximately $15 million of signed contracts. NeoGenomics expects acquired assets to be slightly dilutive to 2020 Adj. EBITDA before becoming accretive in 2021 and beyond.
"The acquisition of the Oncology Division assets from Human Longevity significantly enhances our position as a leading provider of Pharma Services and Next Generation Sequencing." said Douglas M. VanOort, Chairman and CEO of NeoGenomics. This acquisition will expand our Pharma Services menu to include germline, whole exome and whole genome sequencing. We are delighted to add an experienced, specialized molecular workforce with strong Next Generation Sequencing expertise, particularly in servicing pharmaceutical customers, and I am pleased to welcome the Human Longevity Oncology Division employees to NeoGenomics."
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