IPA Completes Acquisition of Belgian Technology Companies
BioStrand, BioKey, and BioClue – Adding Artificial
Intelligence-Driven Analytics to its Antibody Discovery
Capabilities and Offerings
VICTORIA, BRITISH COLUMBIA, CANADA
-- April 14, 2022 -- InvestorsHub NewsWire
-- IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the
"Company" or "IPA") (NASDAQ: IPA) (TSXV: IPA) is pleased to announce that it has
completed its previously announced acquisition of control over
BioStrand BV, BioKey BV, and BioClue BV (hereinafter collectively
referred to as "BioStrand"), a group of Belgian
biotech entities and pioneers in the field of bioinformatics and
biotechnology, through its wholly owned subsidiary ImmunoPrecise
Netherlands BV.
"Uniting BioStrand and IPA reflects the Company's commitment
to acquiring truly transformative technologies that leapfrog
traditional competencies driving the development of safe and
effective antibody therapies. For several years IPA's team has
scrutinized artificial intelligence (AI) and machine learning
technologies, in search of capabilities that don't simply give a
nod to an opaque use of computationally-driven analyses, nor
incremental and limited additions to currently existing research
tools, but instead change the trajectory of personalized medicines
and the philosophy behind what is truly meaningful for the future
of AI in the life sciences," commented Dr. Jennifer Bath, CEO of
IPA.
"With BioStrand joining the IPA family, we rewrite the future
of biotherapeutic discovery, providing access to unique and
rapid in silico
technologies that unequivocally improve the specificity and
design of biotherapeutics," Dr. Bath continued. "This is achieved,
in part, using patent-pending technologies that identify, define,
and code finite and unique fingerprints representing structures and
functions present in all omic data. Together, we share a common
vison and unique strengths using the power of rapidly analyzed
genomic, transcriptomic, and proteomic data, combined with natural
language processing, to understand the structural and functional
basis of diseases, and to develop life-saving precision medicines.
Our combined capabilities move us closer to more precise and
powerful individualized therapies with an aim of changing the way
therapies are designed, approved, and prescribed."
Details of the
Transaction
ImmunoPrecise Netherlands BV acquired all of the issued and
outstanding shares of Idea Family BV, a private limited liability
company holding 75.01% of the issued and outstanding shares of
BioStrand, as well as the remaining 24.99% of the issued and
outstanding shares of BioStrand.
At closing, the Company paid a consideration of approximately
€ 20 million to the vendors, namely
CHARMQUARK EEN, a partnership (maatschap) controlled by Dirk Van
Hyfte, CHARMQUARK TWEE, a partnership (maatschap) controlled by Ingrid
Brands, and K&E BV, a private limited liability company
(besloten vennootschap)
controlled by Koen Quaghebeur and Els Paesmans. The
consideration consisted of an aggregate of 4,077,774 common shares
of IPA, representing approximately
€ 16,265,500 based on the thirty-day
volume-weighted average price of the common shares ending on the
trading day immediately prior to the closing; and a cash payment of
approximately
€ 3,734,500.
The consideration also includes a contingent earnout payment
based on the profitability of BioStrand over a 7-year period, which
shall not exceed in total €12 million.
An investment consideration will also be provided by IPA to
BioStrand in an aggregate amount of
€ 6 million over a period of 3
years, for operation expenses, development of BioStrand's platform,
and correction of deficiencies.
The common shares issued are subject to a statutory resale
restriction pursuant to Canadian securities laws, as well as a
contractual escrow agreement entered into on closing between the
vendors, IPA, and an escrow agent, providing for the gradual
release of the common shares over a 3-year period.
Each of BioStrand and its securityholders are arm's length
parties to the Company.
About ImmunoPrecise Antibodies
Ltd.
ImmunoPrecise Antibodies Ltd. is a biotherapeutic,
innovation-powered company that supports its business partners in
their quest to discover and develop novel antibodies against a
broad range of target classes and diseases. The Company offers a
hybrid of services and programs with advanced platforms and
technologies — dynamic scientists and business advisors— to
optimize antibody discovery and development against rare and/or
challenging epitopes. For further information, visit
www.immunoprecise.com.
About BioStrand BV, BioKey BV, and
BioClue BV
BioStrand, BioKey, and BioClue are private limited liability
companies, incorporated under the laws of Belgium, and are active
in the field of bioinformatics and biotechnology. BioStrand's focus
is on handling of biological sequences, and generating biological
sequence information, software development, algorithms, data
visualization and visual analytics. Potential applications are in
the field of molecular diagnostics, point of care testing, in depth
analysis for drug development, prediction, construction and
adaptation of biopolymer sequences as well as a product, service,
or tool which stores this information in a database.
The business of BioKey is related to the identification of
characteristic biological sequences in proteins, RNA and DNA, and
their different information layers, the development of a
knowledgebase containing these characteristic biological sequences
and information layers, and the use of this database to process
biological sequences and compare the processed biological
sequences.
BioClue focuses on technology for performing secondary
analysis, consisting of read mapping / assembly and immediate
identification of variations, as well as on products, services and
tools related to the developed technology, primarily aimed at
determining biological sequences in proteins, RNA and DNA,
including through mass spectrometry, sequencing, microarray or
hybrid microarray system technologies.
Forward Looking
Information
This news release contains forward-looking statements within
the meaning of applicable United States securities laws and
Canadian securities laws. Forward-looking statements are often
identified by the use of words such as "potential", "plans",
"expects" or "does not expect", "is expected", "estimates",
"intends", "anticipates" or "does not anticipate", or "believes",
or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved. Forward-looking information
contained in this news release include, but are not limited to,
statements regarding the launch of sequencing technologies
and in silico
discovery platforms and expectations regarding the impacts
thereof, the contingent earn-out consideration, the form and use of
the investment consideration provided by IPA to BioStrand,
expectations regarding synergies from the transaction and the
ability to integrate BioStrand into the Company's business, and the
projected impact of completion of the transaction on the Company's
business, financial conditions and results. In respect of the
forward-looking information contained herein, the Company has
provided such statements and information in reliance on certain
assumptions that management believed to be reasonable at the time.
Forward-looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements stated herein to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks, including, without
limitation, those risks discussed in the Company's Annual
Information Form dated July 27, 2021 (which may be viewed on the
Company's profile at www.sedar.com) and the Company's Form 40-F,
Amendment No. 1 dated September 28, 2021 (which may be viewed on
the Company's profile at www.sec.gov). Should one or more of these
risks or uncertainties materialize, or should assumptions
underlying the forward-looking statements prove incorrect, actual
results, performance, or achievements may vary materially from
those expressed or implied by the forward-looking statements
contained in this news release. Accordingly, readers should not
place undue reliance on forward-looking information contained in
this news release. The forward-looking statements contained in this
news release are made as of the date of this release and,
accordingly, are subject to change after such date. The Company
does not assume any obligation to update or revise any
forward-looking statements, whether written or oral, that may be
made from time to time by us or on our behalf, except as required
by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE ImmunoPrecise
Antibodies
Investor Contact
LifeSci Advisors
John Mullaly
Email: jmullaly@lifesciadvisors.com