Intrepid Advises Mosaic Laboratories on Its Acquisition by Caprion-HistoGeneX

Transaction will fuel global expansion of Mosaic’s industry-leading multiplex immunohistochemistry services supporting targeted drug development

Intrepid announced today that it served as the exclusive financial advisor to Mosaic Laboratories L.L.C. (Mosaic), a leading provider of pathology-focused pre-clinical and clinical trial services to pharmaceutical and biotechnology companies, on its acquisition by Caprion-HistoGeneX, a leading provider of specialized precision medicine laboratory services to the biopharmaceutical industry.  Caprion-HistoGeneX is a portfolio company of Arsenal Capital Partners (Arsenal), a leading private equity firm that specializes in investments in middle-market healthcare and industrials companies.

Founded in 2005, Mosaic is a pioneer in using multiplex immunohistochemistry (IHC) with spectral imaging and is recognized for its outstanding services for the development, validation, and implementation of complex IHC, in situ hybridization and FISH assays, positioning itself as one of the most prominent and comprehensive providers in the field. Core Mosaic capabilities include study design, assay development and deployment, data interpretation, and services to support exploratory biomarker analysis at pre-clinical and clinical trial stages, thereby enabling timely decisions for patient selection.

Caprion-HistoGeneX partners with the most prominent global pharma and biotech companies to provide immune monitoring, protein characterization, and tissue pathology solutions for immunotherapy and drug development. Under the leadership of Arsenal, Montreal, Canada based Caprion joined forces with Antwerp, Belgium based HistoGeneX in 2019, creating an integrated global leader in precision medicine and biomarker development.  Its acquisition of Mosaic provides a solid North American base for Caprion-HistoGeneX’s assay development and deployment, expands the volume of pathology services, and positions the company as an emerging world leader of histological biomarker analysis for global clinical trials.

Chris Kerfoot and Lisa Dauffenbach, Co-Founders and Managing Members of Mosaic, will remain shareholders and senior executives with Caprion-HistoGeneX to build upon Mosaic’s industry leadership in complex analytical services by adding Caprion-HistoGeneX’s global strengths in specialized flow cytometry immune monitoring, quantitative mass spectrometry proteomics services, pathology, and biomarker assessment services.

Commenting on the transaction with Caprion-HistoGeneX, Chris said, “I’m enthusiastic about combining forces with Caprion-HistoGeneX; we have developed a world-class, science-led organization and are ready to expand globally with new services that will help us in our mission to support our clients in the war on cancer.”  He added, “Intrepid’s Healthcare team identified key resources to assist in the transaction preparation phase, completed an extensive outreach which yielded tremendous interest, and helped us thoughtfully navigate the deal process during a complex COVID environment.  As a result, we found an ideal strategic partner to enable us to achieve our global vision to increase our impact on the future of patient therapy.”

“Caprion and HistoGeneX are a perfect fit because of their global reach and deep infrastructure resources that will enhance Mosaic’s positioning to serve the global pharma industry on a much larger scale,” added Lisa. “Intrepid provided expert guidance, advising us at every stage of the journey.  They understood Mosaic’s strong values and goals, and their deep expertise in healthcare M&A was invaluable.”

“Chris and Lisa have done an outstanding job establishing Mosaic as a globally recognized leader in precision biomarker research with exceptional scientific talent; all validated by their top-tier client relationships.  We are honored to have played a role in this combination that will further advance precision medicine,” said Adam Abramowitz, Managing Director and Co-Head of Healthcare at Intrepid.

“Mosaic has become one of the most sought-after analytical lab services partners in the clinical trial world.  It was a privilege to help Chris and Lisa on this transaction that can position their company to unlock its full potential,” commented Jonathan Bluth, Director and Co-Head of Healthcare at Intrepid.

Deal Team Contacts

Adam Abramowitz, Managing Director, Co-Head of Healthcare

Jonathan Bluth, Director, Co-Head of Healthcare

Kyle Berkman, Vice President

Media Contact

Andreea Popa, Director, Marketing & Communications

About Intrepid’s Healthcare Group

Intrepid’s Healthcare Group is dedicated to providing strategic advice in capital raises and mergers and acquisitions across a broad range of healthcare sectors, including physician practice management, diagnostics and labs, revenue cycle management, behavioral health, hospitals, IT, pharmacy, post-acute care, and medical devices. Our team maintains extensive relationships with strategic buyers and institutional investors across these sectors.