Clinical Data Inc. is selling its pharmacogenomics and biomarker development business for $15.4 million to Omaha, Neb.-based Transgenomic Inc. The sale of the Newton firm’s Familion genetic tests and the biomarkers of the PGxPredict tests is the last step for Clinical Data in transforming to a pharmaceutical firm, according to a news release.
The $15.4 million transaction includes $6 million in cash, a three-year promissory note for $8.5 million and a one-year promissory note for $932,000. Clinical Data will also collect milestone payments and royalty on development of pharmacogenomic diagnostic products. The company is also due a portion of Transgenomic’s accounts receivable – up to $1.8 million.