NEW YORK – OmnigenicsAI and MultiplAI Health plan to combine with publicly traded special purpose acquisition company APx Acquisition Corp. to create a global AI-driven genomics company, the firms said on Tuesday.
The deal values OmnigenicsAI and MultiplAI at a combined enterprise value of approximately $340 million at signing.
Upon closing, precision medicine firm OmnigenicsAI, which has been doing business in Latin America for nine years and used to be called Heritas, will start trading on the Nasdaq under the ticker symbol OMNI.
The company will offer a suite of health evaluation services that integrate AI with precision medicine. These services include preventive health testing based on DNA and microbiome insights and RNA screening for early detection of complex diseases, as well as clinical genetic testing for personalized diagnostics and treatment in fields such as oncology, prenatal care, and rare diseases.
The combined company plans to expand its business footprint beyond Latin America and into the UK and the US through clinical and commercial partnerships.
As part of the transaction, expected to close midyear, APx will merge with Heritas Merger Sub, a wholly owned subsidiary of OmnigenicsAI. As a result, APx will become the surviving entity and a wholly owned subsidiary of OmnigenicsAI. APx's ordinary shares and warrants will be exchanged for ordinary shares and warrants of OmnigenicsAI.
OmnigenicsAI's controlling shareholder, Heritas, previously entered into a share purchase agreement to acquire all outstanding shares and convertible securities of MultiplAI, a UK-based AI-driven preventive medicine company.
The transaction is subject to the approval of APx's shareholders and other customary closing conditions, the companies said.