NEW YORK — Bard1 Life Sciences has signed an agreement to acquire Sienna Cancer Diagnostics in an all-stock transaction, the Australian companies said on Wednesday.
Under the terms of the deal, Bard1 will issue 13 of its shares to Sienna shareholders for every five Sienna shares held. According to the companies, the deal values Sienna at roughly A$23.7 million ($14.8 million), or A$.06 per share.
In December, Sienna raised A$1.7 million through a private stock placement of 47.3 million shares at A$.035 each.
The combined company, which will have a cash position of approximately A$13.7 million, will have a portfolio of marketed and in-development diagnostics for early-stage cancer testing including Sienna's CE-marked hTERT test for bladder cancer. The deal will join Sienna's SIEN-NET molecular capture platform and Bard1's tumor marker technology to enable the development of products for cancer screening, diagnosis, prognosis, treatment selection, and monitoring, the companies said.
"Sienna's existing marketed bladder cancer test and new molecular NETs technology, combined with BARD1's strong cancer diagnostics pipeline and scientific expertise in tumor biology, will create a larger and more diversified medtech company with a clear focus on delivering innovative cancer diagnostic products to help save patients’ lives," Bard1 CEO Leearne Hinch said in a statement.
The transaction is subject to a number of conditions including approval by Sienna's shareholders. It is expected to close mid-year.