Cancer diagnostic companies Sienna and BARD1 announce merger

The merger of Sienna Cancer Diagnostics Ltd (“Sienna”, ASX:SDX) and BARD1 Life Sciences Limited (“BARD1”, ASX:BD1) will create a well-resourced, Australian-based cancer diagnostics company with a global presence.

The combined entity will have a deep development pipeline that seeks to aid the early and accurate diagnosis of cancer. Diagnosing cancer early and accurately is the key to improved patient outcomes by enabling earlier intervention with effective treatments.

Merger offers key benefits:

• Sienna and BARD1 have complementary development programs in cancer diagnostics. Combining the companies builds a valuable development pipeline of cancer diagnostic tests in areas of great unmet medical need, including but not limited to:  Pancreatic cancer, Ovarian cancer, Breast cancer, Bladder cancer
• The merger is supported by Sienna’s unique molecular net technology focussing on exosome enrichment and purification in the rapidly growing liquid biopsy space, expanding opportunities available to the combined group.
• The combined company will be able to leverage Sienna’s existing global distributor network established for its in-market hTERT diagnostic test.
• The merger will result in significant savings by eliminating duplicate resources.
• The combined group will actively pursue additional opportunities for growth.

Sienna’s Chairman, Dr Geoff Cumming, said: “There is very strong logic for this merger. The combined group will have a deep pipeline of cancer diagnostic tests and an established market channel for commercialising them, providing a strong foundation for future success. The combined group will also be actively pursuing additional licensing and acquisition opportunities. The merger will ensure our shareholders benefit from the synergistic benefits that arise from a combination with BARD1. We believe that this merger represents a unique and compelling value proposition for both companies.

Sienna’s CEO & Managing Director, Carl Stubbings, said: “We are delighted to announce this merger with BARD1. The two companies have novel technology platforms that aid in the early and accurate diagnosis of a range of cancers in areas of high unmet medical need. Combining these platforms could be a real game changer in cancer diagnostics. We look forward to working with the BARD1 team to build a strong Australian-based globally focussed cancer diagnostic company.”