Caprion Biosciences, HistoGeneX to Merge

Caprion Biosciences and HistoGeneX have agreed to combine their respective businesses. The new partnership will focus on immune monitoring, protein characterization, and tissue pathology solutions for immunotherapy and drug development.

The combined business will provide a full suite of immune monitoring and biomarker development services, from preclinical through late stage clinical trials and companion diagnostics, to biopharmaceutical organizations globally. Services will include multiparametric flow cytometry for monitoring immune system responses, quantitative mass spectrometry for large-scale proteomic profiling and targeted quantitative bioanalytical assays, single and multiplexed immunohistochemistry assays, and molecular pathology assays, among other solutions. Together, these testing services provide customers with a broad and in-depth analysis of biomarkers to better understand the interplay between diseases such as cancer and the immune system, assess therapeutic efficacy of immune-modulating drugs, and enable patient stratification.

The leadership teams of both organizations will continue to manage and grow the combined business and will hold significant stakes in the newly formed company. Together, Caprion and HistoGeneX will build on their complementary capabilities across the drug development continuum, deep scientific expertise, exemplary quality and compliance track records, and global resources to expand and develop new services and solutions that will deliver additional value to their clients.

The partnership was facilitated by a substantial investment from Arsenal Capital Partners ("Arsenal"), a specialized private equity firm that invests in middle-market healthcare and specialty industrials companies. Arsenal is focused on partnering with management teams to build market-leading businesses that make a positive impact on healthcare, and will provide the partnership with significant strategic, operational and financial resources to support future growth initiatives. Caprion has been acquired from GHO Capital, a leading specialist healthcare investment advisor based in London. HistoGeneX was previously in partnership with Waterland Private Equity Investments, a European mid-market private equity investment firm focused on buy and build strategies. The terms of Arsenal's investment were not disclosed.

Mark Kockx, MD, PhD, and Dirk Hendriks, PharmD, PhD, co-founders of HistoGeneX, along with Christopher Ung, chief business officer and member of the executive committee, said in a joint statement, "We believe there is tremendous potential for the combined entity. We respect Caprion's scientific expertise and industry reputation for scientific rigor and quality execution and are looking forward to leveraging the combined company's capabilities to develop the next generation of solutions and services for precision medicine."

Dr. Kockx and Dr. Hendriks will join the board of directors of the newly formed company.

"We found a shared vision with the leadership of HistoGeneX and Arsenal to create the global leader in immune monitoring and drug development services and solutions,” Martin LeBlanc, co-founder of Caprion, said. “We look forward to continuing to deliver high quality science and superior service and are very excited about what this combination means for our client partners and employees."

LeBlanc will serve as CEO of the combined businesses and has joined the board of directors. David Spaight, an Arsenal Operating Partner, will serve as the executive chairman.

Caprion and HistoGeneX will continue to provide their current solutions and services to customers. In the coming months, the company will introduce new offerings to help customers meet the challenges posed by the continuing evolution of the immunotherapy landscape. The union is expected to close in the coming weeks, subject to customary closing conditions.

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