HiberCell acquisition expands its oncology toolbox
US privately-held biotech HiberCell today announced the acquisition of Genuity Science, a life science technology company – previously known as WuXi NextCODE and with Chinese backing - that provides world-leading genomics and multi-omic analytics bolstered by an advanced artificial intelligence (AI) and machine learning (ML) platform to illuminate the underlying cause of cancer and other diseases.
Together, the combined company will strategically apply AI/ML to accelerate and advance its pipeline with a focus on overcoming the foundational barriers that prevent patients from living longer, cancer-free lives.
The stock acquisition of the Genuity Science business provides HiberCell with around $100 million in cash, as well as the existing partnership agreements with Ionis Pharmaceuticals (Nasdaq: IONS) and AbbVie (NYSE: ABBV). It is expected that future earnouts of these partnerships will support HiberCell’s growth as a clinical stage biotechnology company. HiberCell recently raised $67.4 million in a Series B financing
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