MaxCyte acquires SeQure Dx for $4.5M at closing, sees accretion

MaxCyte (MXCT) announced the acquisition of SeQure Dx. By integrating SeQure Dx into MaxCyte, Maxcyte will expand its service offerings and leverage its commercial and field application scientist teams to work with developers earlier in their research processes. SeQure Dx is revenue generating and expected to be accretive to MaxCyte’s revenue growth. Under the terms of the agreement, Maxcyte paid a total initial consideration of $4.5M at closing in cash for the entire issued share capital of SeQure DX on a cash free, debt free basis using Maxcyte’s existing cash resources. An additional amount, that will not exceed $2.5M, may be paid in contingent consideration if the company exceeds certain revenue targets. In 2024, SeQure DX incurred revenue of approximately $1.7M and a loss of approximately $6.5M and has net assets of $0.7M as of closing. MaxCyte notes that SeQure transitioned their primary business activities from an assay development and licensing organization to a contract service provider in March of 2024. As a result, MaxCyte expects SeQure’s revenue and losses to substantially improve with a full year of service revenue activity, capture of cost synergies, integration into MaxCyte’s commercial infrastructure and other improvements to operational efficiencies.