US-based clinical diagnostics company Bio-Techne has signed an agreement to acquire local firm Exosome Diagnostics for a total consideration of approximately $575m.

Under the terms of the deal, Bio-Techne will pay $250m in cash, followed by up to $325m of contingent consideration upon reaching select milestones in the future.

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The strategic acquisition, which is scheduled to close in July or August this year, is expected to complement Bio-Techne’s molecular pathology business Advanced Cellular Diagnostics (ACD).

“Under the terms of the deal, Bio-Techne will pay $250m in cash, followed by up to $325m of contingent consideration upon reaching select milestones in the future.”

Exosome Diagnostics’ portfolio comprises a non-invasive urine test called ExoDx Prostate(IntelliScore) (EPI) designed to identify the requirement for prostate biopsy in patients whose PSA test result is not clear. The test is performed on exosomes isolated from urine.

Bio-Techne president and CEO Charles Kummeth said: “ExosomeDx’s technology is a game changer, and positions Bio-Techne to be a leader in the rapidly-growing non-invasive liquid biopsy market.

“This is a very strategic acquisition for us as we also expand in the CAR-T cell marketplace, leveraging our growing critical mass in cell culture-focused product lines.”

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Bio-Techne plans to utilise its existing position to apply its core competencies to understand exosomes and cell free-DNA (cfDNA) biology and their use as diagnostic tools.

Exosome Diagnostics CEO John Boyce said: “We believe we have found the perfect partner to take our technology to the next level. Both companies share the vision to develop innovative tools that can revolutionise medicine and provide better care for patients.”

Exosome intends to leverage the concept of its exosome- and cfDNA-based analysis technology to develop diagnostics for other cancers.