Orrick Advises All Shareholders on Sale of NEO New Oncology to Siemens

May.19.2016

Orrick advised all shareholders of NEO New Oncology during the sale of NEW New Oncology AG to Siemens Healthcare GmbH.

All shareholders have entered into an agreement regarding the sale of all of its shares in NEO New Oncology, Cologne to Siemens Healthcare, Erlangen in late March 2016. NEO New Oncology was established in 2012 and has almost 30 employees. The company's cancer genome diagnostic platform NEO will support pathologists and oncologists with comprehensive molecular information to help select targeted cancer therapies. NEO New Oncology is developing molecular profiling assays based on NGS (Next Generation Sequencing), both for tissue specimens and body liquids. This includes NEOliquid, a liquid biopsy test for the analysis of genomic profiles of solid tumors from a simple blood sample. With the acquisition of NEO New Oncology AG Siemens Healthineers has expanded its diagnostics portfolio.

This acquisition provides Siemens Healthineers an entry point into NGS-based genomic testing and expands its capabilities in precision medicine and companion diagnostics. Furthermore, Siemens Healthineers establishes a business prospect in the field of molecular services. "The acquisition of NEO New Oncology will allow us to offer high-quality oncology tests and related services for physicians, hospitals and laboratories," says Sebastian Kronmueller, head of Molecular Services, Siemens Healthineers. "Covering both blood based and tissue based genomic tests, we will be able to provide clinically actionable results based on the latest scientific insights. We are already working with the NEO New Oncology team and strong partners in research to further broaden our Molecular Services portfolio and to extend our geographic reach by offering the tests in key global markets."

"We are excited about being part of Siemens Healthineers," says Andreas Jenne, CEO of NEO New Oncology. "The global presence will help us to grow and expand into new markets. We want to develop new, integrated solutions for cancer diagnostics with Siemens Healthineers, expand our portfolio of tests and offer services that will help physicians to select the right therapy for their patients."

Orrick has a worldwide leading practice in the area of technology companies (including Life Science). Orrick’s teams in Munich advise a large variety of company founders and high-growth companies at all levels as well as renowned investors in all legal respects from incorporation through financing and business expansion right up to exit. Orrick has advised NEO New Oncology regularly over the past few years, for example in financing rounds.

The Siemens’ transaction was led by the in-house counsels Alexander Schiel and Annette Lohmeier.

The Orrick team was led by partner Jörg Ritter and counsel Thomas Strassner, both Munich.