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NeoGenomics acquires cancer treatment unit from Human Longevity

NeoGenomics Inc. has completed its acquisition of private company Human Longevity Inc.'s cancer treatment unit for $37 million in cash.

NeoGenomics expects the acquisition to be slightly dilutive to the company's adjusted EBITDA this year before turning accretive in 2021.

"This acquisition will expand our Pharma Services menu to include germline, whole exome and whole genome sequencing," NeoGenomics CEO and Chairman Douglas VanOort said in a statement.

Human Longevity's cancer unit performs modern techniques for DNA sequencing dubbed next-generation sequencing.

In May 2019, NeoGenomics priced a common stock offering to raise $148.8 million for potential acquisitions or investments and general corporate purposes.

Fort Myers, Fla.-based NeoGenomics operates cancer genetics testing laboratories.