MaxCyte® acquires SeQure Dx to broaden cell engineering offerings with on-target and off-target editing assessments

MaxCyte, Inc., a leading, cell-engineering focused company providing solutions to advance the discovery, development and commercialization of next-generation cell therapeutics announced today the acquisition of SeQure Dx, a market leader of on-target and off-target editing assessment services for cell and gene therapies.

This strategic acquisition strengthens MaxCyte’s ability to serve ex vivo and in vivo cell and gene therapy (CGT) developers with an innovative suite of tools and services spanning early R&D through clinical development and commercialization. By integrating SeQure Dx into MaxCyte, Maxcyte will expand its service offerings and leverage its commercial and field application scientist teams to work with developers earlier in their research processes. SeQure Dx is revenue generating and expected to be accretive to MaxCyte’s revenue growth.

As the cell and gene therapy field continues to evolve, safety is increasingly paramount for regulatory success. SeQure Dx specializes in assays that deliver precise editing confirmation and risk assessment for off-target effects, applicable across a wide range of viral and non-viral gene editing modalities. This expertise positions MaxCyte to support both ex vivo and in vivo cell and gene therapy developers in the process development stage through standardization of the cell engineering workflow.

This acquisition underscores MaxCyte’s commitment to providing CGT developers with cutting-edge tools to address complex cell engineering challenges,”

Maher Masoud, CEO, MaxCyte

“Integrating SeQure Dx into MaxCyte’s portfolio will allow us to leverage our scientific support and complementary offerings to drive advancements in the safety and precision of cell therapies. At MaxCyte, we see tremendous opportunity to transform cell and gene engineering with world-class tools and solutions and will continue to make organic and inorganic growth investments to position the Company as an end-to-end cell and gene engineering solutions provider.”

SeQure Dx, headquartered in Waltham, Massachusetts, was co-founded by Dr. Keith Joung, who at the time held an endowed chair in pathology at Massachusetts General Hospital (MGH) and professor at Harvard Medical School. The company emerged from stealth mode in late 2022 with the only comprehensive portfolio of evaluation assays for off-target risk validation and candidate optimization in the development of cell and gene therapies. Following the acquisition, SeQure Dx will continue to drive innovation in assay development for cell and gene therapy safety assessment.

“I am thrilled that SeQure Dx is joining forces with MaxCyte,” said Keith Joung, Co-Founder of SeQure Dx. “Defining and reducing potential off-target effects is an essential component for the advancement of safe and effective gene editing, from program discovery to eventual patient treatment. The shared vision of these two companies will enable them to provide the CGT community with access to SeQure Dx’s comprehensive, state-of-the-art assays and data solutions.

Additional transaction details

The following information is being provided in accordance with the disclosure requirements of the AIM rules. Under the terms of the agreement, Maxcyte paid a total initial consideration of $4.5 million at closing in cash for the entire issued share capital of SeQure DX on a cash free, debt free basis using Maxcyte’s existing cash resources. An additional amount, that will not exceed $2.5 million, may be paid in contingent consideration if the company exceeds certain revenue targets. In 2024 (based on available unaudited results from January 1 through November 30), SeQure DX incurred revenue of approximately $1.7 million and a loss of approximately $6.5 million and has net assets of $0.7 million as of closing.

MaxCyte notes that SeQure transitioned their primary business activities from an assay development and licensing organization to a contract service provider in March of 2024. As a result, MaxCyte expects SeQure's revenue and losses to substantially improve with a full year of service revenue activity, capture of cost synergies, integration into MaxCyte’s commercial infrastructure and other improvements to operational efficiencies.