Maverix Medical Closes Acquisition of Cirrus Bio as Foundation for Diagnostics Platform in Lung Cancer
29 Mar 2024
AcquisitionDiagnostic Reagents
New diagnostic division will acquire, invest in, and develop a portfolio of diagnostic solutions for the screening, diagnosis, and management of lung cancer.
MENLO PARK, Calif., March 29, 2024 /PRNewswire/ -- Maverix Medical, a dedicated lung cancer platform established by Ajax Health, KKR, and Hologic, Inc., today announced the acquisition of Cirrus Bio for an undisclosed amount.
Cirrus Bio develops and brings to market multiomic solutions for the diagnosis and management of diseases where early detection plays a critical role in clinical outcomes. The founders of Cirrus Bio, David Mallery (CEO) and Scott Morris (CSO), have previously founded and led the Molecular Profiling Institute (acquired by Caris Life Sciences), Paradigm Diagnostics (acquired by Exact Sciences), Viomics (acquired by Exact Sciences), and the International Genomics Consortium (non-profit supported by the National Cancer InstituteCancer Institute).
As part of the acquisition, Maverix also announced the formation of a dedicated diagnostic division called Maverix Dx that will develop, invest in, acquire, and bring to market a suite of diagnostic tools for lung cancer. David Mallery will serve as the Chief Executive Officer of Maverix Dx and Scott Morris as the Chief Scientific Officer. In these roles, they will continue to develop new diagnostic technologies, while also driving platform M&A and strategic investments.
"Lung cancer remains the largest cancer killer, by far. The only way to improve survival rates for this extremely aggressive disease is to catch it early and act decisively. This acquisition gives Maverix unparalleled technology, talent, and expertise in early cancer detection, and will serve as the foundation for a broader diagnostic portfolio with the potential to transform lung cancer care," said Duke Rohlen, Executive Chairman, Maverix Medical.
Cirrus represents the second major new product platform for Maverix. The first—Serpex Medical, announced at closing—has developed and obtained 510k clearance for steerable technologies that can precisely target lung tissue for biopsy or therapy delivery. Serpex will continue to serve as the foundation for the medical device division of Maverix, called Maverix Med Device, led by Serpex founder and CEO Sasha Schrode. Together, Maverix Dx and Maverix Med Device will equip clinicians with the full range of diagnostic and interventional tools required for effective lung cancer treatment.
"As we evaluate the lung cancer market, we see tremendous unmet clinical need and a rich opportunity set for both internal development and acquisitions. We are far from the only ones working on this tough clinical problem, and we look forward to partnering with other innovators to discover and validate new techniques for improving lung cancer care," said David Mallery, CEO, Maverix Dx.
With the support of its financial sponsors and advisors, KKR and Hologic, Maverix Medical continues to invest in both development- and commercial-stage lung cancer companies and welcomes opportunities to collaborate with innovators, entrepreneurs, clinicians, and industry leaders.
Contact:
Diagnostic Inquiries – David Mallery, CEO, Maverix DX - [email protected]
Medical Device Inquiries – Sasha Schrode, CEO, Maverix Med Device - [email protected]
SOURCE Maverix Medical
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