Twist Bioscience Acquires NGS Library Preparation Maker iGenomX
June 30 2021 - 7:00AM
Business Wire
-- Accelerates Conversion from Microarray to
Genotyping by Sequencing–
-- Expands NGS Capabilities into New Markets
--
Twist Bioscience Corporation (Nasdaq: TWST), a company enabling
customers to succeed through its offering of high-quality synthetic
DNA using its silicon platform, today announced the acquisition of
iGenomX, a company offering multiplex library preparation tools for
next-generation sequencing (NGS) workflows. The acquisition is
expected to enhance Twist’s capabilities to support multiplex
sequencing preparations across multiple markets and to accelerate
Twist’s conversion of customers from static microarray platforms to
genotyping by sequencing workflows.
“The iGenomX team built a robust PCR-like workflow for
ultra-high throughput library construction that will further enable
customers to convert from SNP microarray to an NGS-based approach,”
said Emily M. Leproust, Ph.D., CEO and co-founder of Twist.
Dr. Leproust continued, “Already adopted by a number of
agricultural, synthetic biology and healthcare customers, we
anticipate this technology, together with our leading NGS product
line and worldwide commercial infrastructure, will drive adoption
of Twist NGS workflow solutions into fields that run large volumes
of samples with shallow sequencing.”
iGenomX was founded in 2012 to develop and commercialize a
high-throughput rapid library preparation that facilitates large
sample volume with a simple workflow at enabling price points. The
resulting commercial library construction maximizes laboratory
capacity for many applications including population genetics,
agrigenomics, microbiome and synthetic biology.
The total purchase consideration was $35 million, including an
initial $500,000 cash payment and $29.5 million in Twist stock, as
well as a contingency consideration of $5 million in Twist shares
upon completion of certain milestones, no sooner than six months
post-close.
“We expect the financial impact of the acquisition on our burn
rate to be minimal for both fiscal 2021 and 2022, with revenue of
approximately $4-6 million materializing in fiscal 2023,” commented
Jim Thorburn, CFO of Twist.
About Twist Bioscience Corporation
Twist Bioscience is a leading and rapidly growing synthetic
biology and genomics company that has developed a disruptive DNA
synthesis platform to industrialize the engineering of biology. The
core of the platform is a proprietary technology that pioneers a
new method of manufacturing synthetic DNA by “writing” DNA on a
silicon chip. Twist is leveraging its unique technology to
manufacture a broad range of synthetic DNA-based products,
including synthetic genes, tools for next-generation sequencing
(NGS) preparation, and antibody libraries for drug discovery and
development. Twist is also pursuing longer-term opportunities in
digital data storage in DNA and biologics drug discovery. Twist
makes products for use across many industries including healthcare,
industrial chemicals, agriculture and academic research.
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Legal Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements. All
statements other than statements of historical facts contained
herein, including without limitation, statements regarding the
acquisition of iGenomX; the expected benefits to Twist, its
customers, stockholders and investors from completing the
acquisition, including without limitation expected revenue,
customer conversions, improvements to serviceable market and future
product innovation, are forward-looking statements reflecting the
current beliefs and expectations of management made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties, and other important factors that may
cause Twist Bioscience’s actual results, performance, or
achievements to be materially different from any future results,
performance, or achievements expressed or implied by the
forward-looking statements. Such risks and uncertainties include,
among others, the risks and uncertainties of the ability to attract
new customers and retain and grow sales from existing customers;
risks and uncertainties of rapidly changing technologies and
extensive competition in synthetic biology could make the products
Twist Bioscience is developing obsolete or non-competitive;
uncertainties of the retention of a significant customer; risks of
third party claims alleging infringement of patents and proprietary
rights or seeking to invalidate Twist Bioscience’s patents or
proprietary rights; and the risk that Twist Bioscience’s
proprietary rights may be insufficient to protect its technologies.
For a further description of the risks and uncertainties that could
cause actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to Twist
Bioscience’s business in general, see Twist Bioscience’s risk
factors set forth in Twist Bioscience’s Quarterly Report Form 10-Q
filed with the Securities and Exchange Commission on May 7, 2021
and subsequent filings with the SEC. Any forward-looking statements
contained in this press release speak only as of the date hereof,
and Twist Bioscience specifically disclaims any obligation to
update any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210630005264/en/
Angela Bitting SVP, Corporate Affairs 925- 202-6211
abitting@twistbioscience.com
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