Roka Bioscience (NASDAQ: ROKA) said today that it has entered into an asset purchase agreement with Rokabio, Inc. for the sale of the assets of Roka Bioscience in an all-cash transaction for a total purchase price of $17.5 million, subject to certain adjustments set forth in the asset purchase agreement. Rokabio is a newly formed, wholly owned subsidiary of Institute for Environmental Health, Inc. (IEH). Closing conditions for the transaction include the consent of Roka Bioscience’s lender and approval by the stockholders, as well as a $2.5 million milestone payment by Roka Bioscience pursuant to its license agreement. “This transaction represents the conclusion of a thorough process. We believe that the asset sale and anticipated liquidation will provide the greatest value to our stockholders,” Roka Bioscience chief executive officer Mary Duseau stated in the news release.
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About Roka Bioscience
Roka Bioscience, Inc. is a molecular diagnostics company focused on developing and commercializing advanced testing solutions for the food safety testing market. The company’s Atlas® Detection Assays incorporate its advanced molecular technologies and are performed on its “sample-in, result out” Atlas System that automates all aspects of molecular diagnostic testing on a single, integrated platform. The Atlas System and Detection Assays are designed to provide our customers with accurate and rapid test results with reduced labor costs and improved laboratory efficiencies. For more information, visit www.rokabio.com.
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