Diagnostic healthcare company New Day Diagnostics has announced the approval of an agreement to acquire Epigenomics to provide accessible and innovative diagnostic solutions.

An extraordinary general meeting (EGM) of Epigenomics had to approve the agreement, which was a crucial step in accordance with Section 179a of the German Stock Corporation Act (AktG).

Under the agreement, Epigenomics had to sell nearly all its held assets to New Day Diagnostics.

In addition, the EGM also sanctioned amendments to align the deal with Epigenomics’s future goals and the strategic objectives of the acquisition.

The closing of the agreement is still subject to customary closing conditions. Once completed, this move will allow New Day Diagnostics to advance the solution through clinical trials, manufacturing, and eventual market entry.

New Day Diagnostics president and CEO Eric Mayer said: “This development is a testament to the commitment and vision of both organisations to increase survivorship from colorectal cancer with an accurate, affordable, accessible test requiring routine blood collection as a path to increasing compliance.”

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Epigenomics executive Jens Ravens said: “We are very pleased that the extraordinary general shareholders’ meeting followed our reasoning and approved the agreement with an overwhelming majority. As a result, there is now a realistic possibility that Epigenomics’s considerable groundwork will bear fruit and patients will benefit from the blood-based colorectal cancer screening test.”

The agreement was initially signed in July 2023 after considerations that were earlier announced by Epigenomics AG in its ad hoc statement on 12 June 2023.

On 5 July 2023, New Day Diagnostics merged with EDP Biotech to develop and commercialise their diagnostic testing.