Sole Placement Agent
NeoGenomics, Inc.
Debt Capital Markets
Senior Secured Credit Facility
Transaction Details
- On December 30, 2015, NeoGenomics, Inc. (NASDAQ: NEO or the “Company”), a leading provider of cancer-focused genetic testing services, acquired Clarient Diagnostics Services, Inc. (“Clarient”), a similar business and former operating subsidiary of GE Healthcare’s Life Sciences business
- Stephens Inc. served as sole placement agent to NeoGenomics in the transaction successfully raising $80mm of committed, fully underwritten debt financing to support NEO’s acquisition of Clarient
Under the terms of the agreement, NEO has acquired Clarient via:
- $80mm in cash
- $110mm in preferred stock
- 15mm shares of NeoGenomics’ common stock
The cash component of the purchase price was funded via:
- Existing cash from NEO’s balance sheet
- New, 5-year, $25mm Senior Secured ABL Revolver provided by Wells Fargo
- New, 5-year, $55mm Senior Secured Term Loan provided by AB Private Credit Investors (an affiliate of Alliance Bernstein)
About the company
NeoGenomics, Inc.
NeoGenomics, Inc. provides specialized and comprehensive cancer genetic testing services through its network of CLIA-certified clinical laboratories. The Company's advanced testing services include cytogenetics, fluorescence in-situ hybridization (FISH), flow cytometry, immunohistochemistry, digital and anatomic pathology and molecular genetic testing. NeoGenomics services the needs of pathologists, oncologists, other clinicians and hospitals throughout the United States, and also provides clinical trial support services to the Pharmaceutical industry. The company has laboratories in Nashville, TN; Aliso Viejo, Irvine, Fresno and West Sacramento, CA; Houston, TX; and Tampa and Fort Myers, FL. For additional information about NeoGenomics, visit http://www.neogenomics.com/.
Clarient Diagnostics Services, Inc.
Clarient Diagnostics Services, Inc. is a provider of comprehensive cancer diagnositc testing to hospitals, physicians and the pharmaceutical industry and was a unit of GE Healthcare’s Life Sciences business. Clarient is based in Aliso Viejo, California and Houston, Texas. Clarient has approximately 415 employees and reported 2014 revenue of approximately $127mm. For additional information about Clarient, visit http://clarient.gehealthcare.c....
Sources: Company filings and publicly available information.
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