Respiratory imaging technology company 4DMedical Limited (ASX:4DX) has signed a binding agreement for the acquisition of US-based medical technology company Imbio.
Imbio uses artificial intelligence to turn standard-of-care CT scans into personalised medicine for transforming the way patients are diagnosed, treated, and managed.
Imbio will be acquired for an upfront purchase price of US$25 million, plus a contingent earnout including one tranche of up to US$10 million in the calendar year 2024 and two tranches of up to US$5 million each in the calendar year 2025, all conditional on the achievement of key milestones.
Subject to obtaining shareholder approval, 4DMedical said it intends to settle any contingent earnout payable via the issue of new 4DMedical shares.
4DMedical said the upfront cash component of the acquisition will be funded by a capital raise of A$35 million by way of a placement.
4DMedical founder and CEO Andreas Fouras said, "I am extremely excited to join forces with the incredibly talented and committed Imbio team. Imbio's marketleading suite of AI solutions provide life-changing insights from CT scans, and perfectly complement 4DMedical's functional imaging technology. We now offer a comprehensive cardiothoracic imaging solution set to providers and their patients. Importantly, the Imbio acquisition also significantly boosts our capacity to improve the respiratory health of Veterans, especially for those impacted by toxic exposures during service."