IPA completes acquisition of Belgian technology companies BioStrand, BioKey, and BioClue to add AI-powered analytical solutions to its antibody discovery capabilities and offering

VICTORIA, British Columbia, April 14, 2022–(BUSINESS WIRE)–IPA (IMMUNOPRECISE ANTIBODIES LTD.) (the “Company” or “IPA”) (NASDAQ: IPA) (TSXV: IPA) is pleased to announce that it has completed the previously announced acquisition of control over BioStrand BV, BioKey BV and BioClue BV (hereinafter “BioStrand“), a group of Belgian biotechs and pioneers in the field of bioinformatics and biotechnology, through its wholly owned subsidiary ImmunoPrecise Netherlands BV.

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“The unification of BioStrand and IPA reflects the Company’s commitment to acquiring truly transformative technologies that go beyond traditional skills to drive the development of safe and effective antibody therapies. For several years, the team at IPA has studied artificial intelligence (AI) and machine learning technologies in detail, seeking capabilities that don’t just provide generalist use of computational performance-based analytics, nor incremental and limited additions to existing research tools, but rather changing the trajectory of personalized medicines and the philosophy that underpins the future of AI in life sciences,” said Dr. Jennifer Bath, CEO of IPA.

“With the addition of BioStrand to the IPA family, we are rewriting the future of biotherapeutic discovery, providing access to technologies in silico that unquestionably improves the specificity and design of biotherapeutic agents,” continues Dr. Bath. functions present in all omics data. Together, we share a common vision and unique advantages leveraging the power of rapidly analyzed genomic, transcriptomic and proteomic data, with natural language processing, to understand the structural and functional basis of disease, and to develop medicines for precision capable of saving lives. Our combined capabilities bring us one step closer to more precise and powerful personalized therapies, with the ambition to change the way treatments are designed, approved and prescribed.”

Transaction details

ImmunoPrecise Netherlands BV has acquired all of the issued and outstanding shares of Idea Family BV, a private limited company holding 75.01% of the issued and outstanding shares of BioStrand, as well as the 24.99% of the issued shares and outstanding from BioStrand.

At closing, the Company paid consideration of approximately EUR 20 million to the sellers, namely CHARMQUARK EEN, a partnership (maatschap) controlled by Dirk Van Hyfte, CHARMQUARK TWEE, a partnership (maatschap) controlled by Ingrid Brands, and K&E BV, a private limited company (besloten vennootschap) controlled by Koen Quaghebeur and Els Paesmans. The consideration comprises an aggregate of 4,077,774 ordinary shares of IPA, representing approximately EUR 16,265,500 based on the thirty day volume weighted average trading price of the ordinary shares ending on the trading day immediately prior to closing; and a cash payment of approximately EUR 3,734,500.

The consideration also includes a contingent payment of future profits based on BioStrand’s profitability over a seven-year period, which cannot exceed a total of EUR 12 million.

An investment consideration will also be provided by IPA to BioStrand for an aggregate amount of EUR 6 million over a period of three years, for operating expenses, the development of the BioStrand platform, and the correction of deviations.

The common shares issued are subject to a statutory resale restriction pursuant to Canadian securities laws, as well as a contractual escrow agreement effective upon closing between the sellers, IPA, and an escrow agent , for the gradual issuance of common shares over a period of three years.

Each BioStrand entity and its securityholders are arm’s length parties to the Company.

About ImmunoPrecise Antibodies Ltd.

ImmunoPrecise Antibodies Ltd. is an innovation-driven biotherapeutics company that supports its commercial partners in their quest to discover and develop novel antibodies against a wide range of target classes and diseases. The Company offers a set of services and programs based on advanced platforms and technologies, dynamic scientists and business advisors, to optimize the discovery and implementation of antibodies directed against rare epitopes and/or problematic. For more information, visit www.immunoprecise.com.

About BioStrand BV, BioKey BV, and BioClue BV

BioStrand, BioKey, and BioClue are private limited liability companies, registered under Belgian law, operating in the field of bioinformatics and biotechnology. BioStrand specializes in biological sequence processing, and biological sequence information generation, software development, algorithms, data presentation and visual analysis. Potential applications are in molecular diagnostics, point-of-care testing, in-depth analysis for drug discovery, prediction, creation and adaptation of biopolymer sequences, as well as a product, service or tool to store this information in a database.

BioKey’s activity focuses on the identification of characteristic biological sequences in proteins, RNA and DNA, and their different layers of information, the development of a knowledge base containing these characteristic biological sequences and these layers information, and the use of this database to process biological sequences and compare them.

BioClue specializes in technologies to perform secondary analysis, including read mapping/read assembly, immediate variation identification, as well as products, services and tools related to the developed technology, primarily aimed at establishing biological sequences in proteins, RNA and DNA, including through mass spectrometry, sequencing, microarray technologies or hybrid microarray systems.

Forward-looking statements

This press release contains forward-looking statements within the meaning of applicable United States and Canadian securities laws. Forward-looking statements are often characterized by the use of terms such as “potential”, “anticipates”, “expects” or “does not expect”, “is planned”, “estimates”, “intends “, “anticipates” or “does not anticipate”, or “believes”, or derivative forms of these terms and expressions or indicate that certain actions, events or results “may”, “could”, “would”, ” should” or “will” be taken, occur or are achieved. Forward-looking statements in this press release include, but are not limited to, statements relating to the launch of sequencing technologies and discovery platforms in silico and expectations as to their impacts, the contingent payment consideration of future earnings, the form and use of the investment consideration provided by IPA to BioStrand, expectations relating to the synergies of the transaction and the ability to integrate BioStrand into the Company’s business, and the anticipated impact of the closing of the transaction on the Company’s business, financial position and results. The Company has provided the forward-looking statements and information contained herein based on certain assumptions that management believed to be reasonable at the time of making the statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements stated in this release to differ materially from any future results, performance or achievements expressed or implied. understood by the forward-looking statements. Actual results could differ materially from those currently anticipated due to a number of factors and risks, including, but not limited to, the risks described in the Company’s annual information statement dated 27 July 2021 (which can be viewed on the Company’s profile at www.sedar.com) together with the Company’s Form 40-F, Amendment No. 1 dated September 28, 2021 (which can be viewed on the Company’s profile at www.sec.gov). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements contained in this press release. Readers should therefore not place undue reliance on the forward-looking statements contained in this press release. The forward-looking statements in this press release are made as of the date of its publication and, accordingly, are subject to change after such date. The Company disclaims any obligation to update or change any forward-looking statements, written or oral, which may be made from time to time by us or on our behalf, except as required by applicable law.

The TSX Venture Exchange and its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accept no responsibility for the adequacy or accuracy of this release.

SOURCE ImmunoPrecise Antibodies

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contacts

Contact with investors
LifeSci Advisors
John Mullaly
Email: jmullaly@lifesciadvisors.com

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IPA completes acquisition of Belgian technology companies BioStrand, BioKey, and BioClue to add AI-powered analytical solutions to its antibody discovery capabilities and offering


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