Blue Water Biotech Acquires Proteomedix AG, A Private, Commercial-stage Diagnostics Oncology Company, In Stock Consideration; No Terms Disclosed
Portfolio Pulse from Benzinga Newsdesk
Blue Water Biotech has acquired Proteomedix AG, a private diagnostics oncology company, through an all-stock transaction. The deal grants Proteomedix shareholders a 19.9% stake in the new entity, now named Onconetix, Inc. Additionally, two Proteomedix executives will join the leadership team of Onconetix.
December 18, 2023 | 12:08 pm
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Blue Water Biotech's acquisition of Proteomedix AG could potentially diversify its product offerings and strengthen its position in the diagnostics oncology market.
The acquisition of Proteomedix AG by Blue Water Biotech is likely to be viewed positively by investors as it expands the company's reach in the oncology diagnostics market. The all-stock deal also suggests a strategic investment rather than a cash expenditure, which could be seen as a confident move by the company. The addition of Proteomedix executives to the Onconetix leadership team may also be perceived as a strengthening of the management team.
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