Pepper Hamilton served as legal advisor to Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) in its acquisition of assets and certain liabilities constituting the biopharma services business of Cancer Genetics, Inc. (NASDAQ: CGIX).
The $23.5 million acquisition accomplished through an Article 9 foreclosure sale by secured creditors of Cancer Genetics is expected to create a leading oncology testing and service company in the clinical diagnostic and biopharma markets, leveraging sophisticated assays, novel algorithms and custom service capabilities across the continuum of oncology, from precancerous assessment to drug discovery and clinical trial support.
Pepper Hamilton also represented Interpace in a concurrent investment by an affiliate of Ampersand Capital Partners, one of the leading private equity firms in the diagnostic/biopharma sector. In conjunction with Interpace’s biopharma business acquisition, Ampersand agreed to invest $27 million in Interpace in two tranches of newly issued convertible preferred stock, a portion of which will be subject to approval by Interpace’s shareholders.
The Pepper team was led by Merrill M. Kraines. Other team members included partners Nilufer R. Shaikh, David M. Fournier and Judith L. O’Grady; of counsel Todd R. Kornfeld and Rebecca Alperin; and associates Cagatay Akkoyun, M. Corey Connelly, Kirk Dungca, Victoria Laubach, Jennifer Lang, and Noreen Hibbard Onimus.