Medical device maker Clarient Inc. said Monday it has acquired cancer test maker Applied Genomics Inc. for $17.6 million in stock in a deal it says will help it develop new lung cancer tests.
Applied Genomics' products are designed to help doctors diagnose types of cancer, including strains of non-small cell lung cancer and breast cancer. The privately held company is based in Huntsville, Ala.
Clarient said Applied Genomics also has a pipeline of tests that can be used to diagnose cancers, as well as determine a patient's prognosis and the most effective therapies.
In the deal, Clarient acquired all of Applied Genomics stock in exchange for 4.4 million Clarient shares. It could issue as many as 3.2 million more shares if clinical, sales and revenue milestones are reached.
Clarient stock fell a penny to close at $2.48.