Veridex Sews Up Immunicon Acquisition

Veridex has completed its acquisition of substantially all of the assets of Immunicon Corp.

In June, Veridex of Raritan, NJ, reached an agreement to buy the assets of Immunicon of Huntingdon Valley, PA, for $31 million.

Immunicon, a medical-device company that specializes in cancer diagnostic products, filed for US Bankruptcy Court protection in Delaware to facilitate the transaction.

Immunicon’s decision to sell its assets came after losing a legal battle with Veridex, a Johnson & Johnson subsidiary. The two companies had entered into a co-marketing and development deal in 2000 for Immunicon’s Cell Search diagnostic kit product. Immunicon took Veridex to arbitration alleging Veridex failed to meet its “best efforts” obligation to market CellSearch. An arbitrator ruled in favor of Veridex earlier this year.

SOURCE: Philadelphia Business Journal