Richmond life sciences company Aditxt Inc. is dipping into the M&A waters for the second time in a month, this time acquiring West Palm Beach, Florida’s MDNA Life Sciences Inc. in a stock and cash deal valued at more than $28 million.
MDNA Life Sciences, which makes a tool for identifying biomarkers associated with diseases that lead to mitochondrial DNA mutations, will be folded into Aditxt’s Pearsanta subsidiary, which is also based in Richmond.
The purchase involves 50,000 shares of Aditxt stock, warrants to buy 50,000 Aditxt shares and 5,000 shares of Pearsanta's preferred stock — all adding up to a value of $25 million. Aditxt has also agreed to make payments of up to $3.2 million to MDNA “to fund certain obligations,” according to Aditxt’s announcement.
Amro Albanna, co-founder, chairman, and CEO of Aditxt, said in a statement the purchase “is a deliberate move in our journey to accelerate Pearsanta’s commercial business. We believe this transaction will expand Pearsanta’s offering and market opportunities in 2024 and beyond.”
MDNA's tests, which are used to detect endometriosis, ovarian cancer and prostate cancer, can be done with minimal invasiveness. It is also developing testing for other diseases.
The deal follows Aditxt’s announcement in December that it has reached an agreement to acquire San Diego's Evofem Biosciences Inc., the maker of female contraceptive gel Phexxi, in a stock and debt deal valued at roughly $100 million.
Aditxt’s portfolio also includes Adimune Inc., which works in immunotherapy for things like organ transplants, autoimmune disorders and allergies.
