[sheet: Closing Checklist]

Item No.	Category	Description	Responsible Party	Responsible Person / Entity	Due Date	Date Completed	Status	Notes / Comments
1	Transaction Agreements	Asset Purchase Agreement — Execution Version, dated May 11, 2023, between Genome Dx Therapeutics Inc. (Seller) and Meridian Precision Diagnostics, Inc. (Buyer)	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP	May 11, 2023	May 11, 2023	Executed	Governing law: Delaware. Total consideration: $140,000,000. C&H Matter No. 1013-00006&A-4471.
2	Transaction Agreements	Disclosure Schedules to the Asset Purchase Agreement	Seller	Calderwood & Harkness LLP (James Prentice / Tiffany Rosenthal)	May 11, 2023	May 11, 2023	Executed	Cross-referenced to APA reps & warranties. Includes schedules of material contracts, IP (14 issued patents, 7 pending applications, 3 registered trademarks), 83 employees offered transfer, litigation, permits (CLIA 05D2178493; FDA 510(k) clearances K201847, K193215, K210562), environmental, tax, customers/suppliers.
3	Transaction Agreements	Earnout Agreement (Exhibit to APA) — Milestone 1: $8,000,000 upon FDA clearance/approval of OncuPath-HER3™ by August 8, 2025; Milestone 2: $6,000,000 upon CMS HCPCS code and first Medicare reimbursement by August 8, 2026	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP	May 11, 2023	May 11, 2023	Executed	Maximum earnout: $14,000,000. 36-month earnout period. Commercially reasonable efforts standard. Acceleration on Buyer change of control.
4	Transaction Agreements	Escrow Agreement among GDT, Meridian, and Ashgrove Equity Partners Escrow Services, Inc. — $14,000,000 escrow deposit to Account No. 8841-7023-5500	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP / Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh)	May 11, 2023 (effective at closing)	May 11, 2023	Executed	Release: 50% at 12 months post-closing (August 8, 2024); balance at survival expiration (February 8, 2025), net of pending claims.
5	Transaction Agreements	Non-Competition and Non-Solicitation Agreement — GDT 3-year non-compete in companion diagnostics (U.S.); 2-year non-solicitation of transferred employees	Seller	Calderwood & Harkness LLP	Closing	August 8, 2023	Executed	Governed by Delaware law.
6	Transaction Agreements	Transition Services Agreement — GDT to provide IT, facilities, and HR/payroll services to Meridian for up to 9 months post-closing at cost plus 5%	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP	Closing	August 8, 2023	Executed	Service descriptions, service levels, termination provisions included.
7	Closing Conveyance Documents	Bill of Sale — conveyance of all tangible Purchased Assets of OncuPath Business from GDT to Meridian	Seller	Calderwood & Harkness LLP	Closing	August 8, 2023	Executed	Covers equipment, inventory, and supplies at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121 and 925 Industrial Court, Carlsbad, CA 92010.
8	Closing Conveyance Documents	Assignment and Assumption Agreement — assignment of Assumed Contracts and Assumed Liabilities from GDT to Meridian	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP	Closing	August 8, 2023	Executed	Includes Vantage license, facility leases, customer/supplier contracts. Post-closing trade payables, assumed contract obligations, and post-closing warranty claims assumed.
9	Closing Conveyance Documents	Intellectual Property Assignment Agreement — assignment of 14 issued U.S. patents, 7 pending applications, trademarks (OncuPath™ Reg. No. 5,847,321; OncuPath-HER3™ Reg. No. 6,412,088; OncuPath-GENOMARK™ Reg. No. 6,118,754), trade secrets, and know-how	Seller	Calderwood & Harkness LLP	Closing	August 8, 2023	Executed	All OncuPath-related IP transferred. Associated goodwill included.
10	Closing Conveyance Documents	Assignment of Sublease — 925 Industrial Court, Carlsbad, CA 92010 (OncuPath manufacturing/kitting space)	Seller	Calderwood & Harkness LLP	Closing	August 8, 2023	Executed	Sublease expires December 31, 2025.
11	Seller's Closing Certificates	Seller's Closing Certificate — Officer's certificate signed by Martin Kowalski (CFO, GDT) certifying accuracy of reps & warranties, compliance with covenants, and satisfaction of closing conditions	Seller	Martin Kowalski (GDT CFO)	Closing	August 8, 2023	Executed
12	Seller's Closing Certificates	Secretary's Certificate of Genome Dx Therapeutics Inc. — certifying incumbency, board resolutions (approved May 8, 2023), certificate of incorporation, and bylaws	Seller	Rebecca Chiang (GDT General Counsel)	Closing	August 8, 2023	Executed	Board approval date: May 8, 2023.
13	Seller's Closing Certificates	Seller's FIRPTA Certificate — non-foreign person affidavit under IRC § 1445 for GDT (EIN: 47-3892061)	Seller	Calderwood & Harkness LLP (Leonard Cross)	Closing	August 8, 2023	Executed	Certifies GDT is not a foreign person per Treasury Reg. § 1.1445-2(b).
14	Buyer's Closing Certificates	Buyer's Closing Certificate — Officer's certificate of Meridian Precision Diagnostics, Inc. certifying accuracy of Buyer's reps & warranties and compliance with covenants	Buyer	Whitfield Sayer & Gregg LLP	Closing	August 8, 2023	Executed	Signed by Angela Rossi (Meridian CFO).
15	Buyer's Closing Certificates	Secretary's Certificate of Meridian Precision Diagnostics, Inc. — certifying incumbency and board resolutions (approved May 10, 2023)	Buyer	Whitfield Sayer & Gregg LLP	Closing	August 8, 2023	Executed	Meridian board approval date: May 10, 2023.
16	Governmental Approvals	HSR Act Filing — Pre-merger notification filing with FTC and DOJ	Joint	Calderwood & Harkness LLP (Andrew Fitzpatrick) / Whitfield Sayer & Gregg LLP	May 18, 2023	May 18, 2023	Filed	Size-of-transaction threshold exceeded for $140M asset purchase.
17	Governmental Approvals	HSR Act — Early Termination of Waiting Period	Third Party	FTC / DOJ	30 days from filing (or early termination)	June 22, 2023	Received	Early termination granted June 22, 2023.
18	Governmental Approvals	FDA Establishment Registration Update — Transfer of OncuPath establishment registration to Meridian	Buyer	Whitfield Sayer & Gregg LLP / Yuki Tanabe	Post-closing	Pending post-closing	Pending	To be completed by Meridian post-closing. Three 510(k) clearances: K201847, K193215, K210562. PMA supplement P230014 pending (submitted January 30, 2023).
19	Governmental Approvals	CLIA Certificate Transfer — Transfer of CLIA certificate of accreditation (ID: 05D2178493) for OncuPath reference laboratory at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121	Buyer	Whitfield Sayer & Gregg LLP / Yuki Tanabe	Post-closing	Pending post-closing	Pending	Buyer to apply for new CLIA certificate or transfer post-closing.
20	Third-Party Consents	Consent to Assignment — Vantage Molecular Sciences, Inc. License Agreement (dated September 12, 2019) for probe-labeling technology	Seller	Calderwood & Harkness LLP (Tiffany Rosenthal)	Prior to closing	July 14, 2023	Received	Consent letter obtained from Vantage Molecular Sciences, Inc. (75 Hayden Avenue, Lexington, MA 02421).
21	Third-Party Consents	Consent to Assignment of Lease — Towne Centre Properties LLC for premises at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121	Seller	Calderwood & Harkness LLP	Prior to closing	July 28, 2023	Received	Landlord consent obtained from Towne Centre Properties LLC.
22	Third-Party Consents	Consent to Assignment of Sublease — 925 Industrial Court, Carlsbad, CA 92010 (if required under sublease terms)	Seller	Calderwood & Harkness LLP	Prior to closing	August 1, 2023	Received	Sublease expires December 31, 2025.
23	Third-Party Consents	Consents to Assignment — Material OncuPath Customer and Supplier Contracts (as identified in Disclosure Schedules)	Seller	Calderwood & Harkness LLP / GDT Commercial Team (Samuel Briggs)	Prior to closing	August 7, 2023	Received	All material contract consents obtained or confirmed not required.
24	Insurance	R&W Insurance Policy Binding — Apex Mutual Insurance Company, Policy No. RWI-2023-07182, $28,000,000 limit, $1,400,000 retention	Joint	Calderwood & Harkness LLP (James Prentice) / Whitfield Sayer & Gregg LLP	Prior to closing	August 6, 2023	Received	Buyer-side RWI policy. Premium: $840,000 (3% of $28M limit), split 50/50 ($420,000 Seller / $420,000 Buyer). Binding confirmation letter sent to Philip Aldridge (SVP, Underwriting) at Apex Mutual (175 Water Street, 22nd Floor, New York, NY 10038).

25	Insurance	R&W Insurance Premium Payment — Seller's share ($420,000) and Buyer's share ($420,000)	Joint	GDT (Martin Kowalski) / Meridian (Angela Rossi)	Closing	August 8, 2023	Executed	Paid at closing per Closing Funds Flow Memorandum.
26	Financing	Summit National Bank, N.A. — Buyer's acquisition financing commitment ($95,000,000 term loan)	Buyer	Whitfield Sayer & Gregg LLP / Karen Delacroix (Summit National Bank, 227 West Monroe Street, Suite 4500, Chicago, IL 60606)	Closing	August 8, 2023	Received	Confirmation of funding received.
27	Funds Flow and Payments	Closing Funds Flow Memorandum — finalized wire instructions and amounts	Joint	Calderwood & Harkness LLP (Andrew Fitzpatrick) / Whitfield Sayer & Gregg LLP	Closing	August 8, 2023	Executed	Total closing cash: $126,000,000. Escrow deposit: $14,000,000 to Ashgrove Equity Partners Escrow Account No. 8841-7023-5500. Net to GDT: $112,000,000. R&W premium: $420,000 each.
28	Funds Flow and Payments	Wire Transfer — $14,000,000 to Ashgrove Equity Partners Escrow Services, Inc. (Account No. 8841-7023-5500)	Buyer	Meridian (Angela Rossi) / Ashgrove Equity Partners Escrow (Samantha Koh, 101 California Street, Suite 1250, San Francisco, CA 94111)	Closing	August 8, 2023	Executed	Escrow instructions letter sent August 7, 2023.
29	Funds Flow and Payments	Wire Transfer — $112,000,000 net closing proceeds to Genome Dx Therapeutics Inc.	Buyer	Meridian (Angela Rossi)	Closing	August 8, 2023	Executed	$126,000,000 closing cash less $14,000,000 escrow = $112,000,000 net to GDT.
30	Funds Flow and Payments	Wire Transfer — R&W Insurance Premium to Apex Mutual Insurance Company ($840,000 total; $420,000 from Seller, $420,000 from Buyer)	Joint	GDT / Meridian	Closing	August 8, 2023	Executed	Policy No. RWI-2023-07182.
31	Employee Matters	Employee Offer Letters — 83 OncuPath Business employees to receive employment offers from Meridian	Buyer	Meridian HR / Catherine Liang	Prior to closing	August 1, 2023	Executed	78 employees accepted and transferred at closing. 5 declined. Key transferring personnel: Dr. Lara Okonkwo (VP, OncuPath R&D), Samuel Briggs (Director, OncuPath Commercial Ops), Yuki Tanabe (Head of Regulatory Affairs, OncuPath).
32	Employee Matters	WARN Act Compliance Confirmation — No notification required (fewer than 100 employees affected at a single site)	Seller	Calderwood & Harkness LLP	Prior to closing	July 15, 2023	Received	Analysis confirmed no WARN Act notification obligation.
33	Employee Matters	COBRA and Benefits Tail Coverage — Arrangements for non-transferring employees and transitional coverage	Seller	GDT HR / Calderwood & Harkness LLP	Closing	August 8, 2023	Executed	COBRA notices prepared for 5 non-transferring employees.
34	Post-Closing Obligations	Post-Closing NWC Adjustment — Final closing balance sheet preparation by Haverford & Lane LLP (Douglas Crane); target NWC: $6,800,000; collar: ±$350,000; deadline: November 6, 2023 (90 days post-closing)	Joint	Haverford & Lane LLP / Calderwood & Harkness LLP (Andrew Fitzpatrick) / GDT (Martin Kowalski)	November 6, 2023	Pending	NWC methodology communicated to GDT CFO on August 15, 2023. Dispute resolution per APA Section.
35	Post-Closing Obligations	Purchase Price Allocation under IRC § 1060 — to be agreed between Seller and Buyer within 120 days post-closing (by December 6, 2023)	Joint	Calderwood & Harkness LLP (Leonard Cross) / Whitfield Sayer & Gregg LLP	December 6, 2023	Pending	Preliminary allocation: tangible personal property $18,200,000; real property interests $3,400,000; IP $52,600,000; customer relationships $27,800,000; trademarks $9,400,000; goodwill $28,600,000. Total: $140,000,000.
36	Post-Closing Obligations	First Escrow Release — 50% of remaining escrow balance released 12 months post-closing	Third Party	Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh)	August 8, 2024	Pending	Per Escrow Agreement release schedule.
37	Post-Closing Obligations	Final Escrow Release — Remaining escrow balance released at survival period expiration, net of pending claims	Third Party	Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh)	February 8, 2025	Pending	18-month survival period expires February 8, 2025.
38	Post-Closing Obligations	Earnout Milestone 1 — $8,000,000 payable upon FDA clearance/approval of OncuPath-HER3™ as companion diagnostic	Buyer	Meridian / Dr. Lara Okonkwo / Yuki Tanabe	August 8, 2025	Pending	PMA supplement P230014 submitted to FDA January 30, 2023.
39	Post-Closing Obligations	Earnout Milestone 2 — $6,000,000 payable upon CMS HCPCS code issuance and first Medicare reimbursement for OncuPath-HER3™	Buyer	Meridian	August 8, 2026	Pending	Contingent on Milestone 1 achievement.
40	Post-Closing Obligations	TSA Expiration — Transition Services Agreement terminable up to 9 months post-closing (May 8, 2024)	Joint	GDT / Meridian	May 8, 2024	Pending	IT, facilities, HR/payroll at cost + 5%.
41	Post-Closing Obligations	Fundamental Representations Survival — 60 months from closing	Joint	Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP	August 8, 2028	Pending	Not subject to indemnification cap or basket; aggregate Seller liability capped at Total Consideration ($140,000,000).
42	Correspondence and Confirmations	Letter to Whitfield Sayer & Gregg — Initial Draft APA Transmittal (March 20, 2023)	Seller	James Prentice (Calderwood & Harkness)	March 20, 2023	March 20, 2023	Received	First draft APA circulated with seller-position commentary.
43	Correspondence and Confirmations	Letter to Whitfield Sayer & Gregg — Negotiation Issues List (April 14, 2023)	Seller	James Prentice (Calderwood & Harkness)	April 14, 2023	April 14, 2023	Received	Responded to Buyer's counsel's APA markup; addressed indemnification cap (20%), survival (18 months), earnout milestones, non-compete scope.
44	Correspondence and Confirmations	Letter to Ashgrove Equity Partners Escrow Services — Escrow Instructions (August 7, 2023)	Seller	Tiffany Rosenthal (Calderwood & Harkness)	August 7, 2023	August 7, 2023	Received	Transmitted executed Escrow Agreement and wire instructions for $14,000,000 to Account No. 8841-7023-5500.
45	Correspondence and Confirmations	Letter to Apex Mutual — RWI Policy Binding Confirmation (August 6, 2023)	Seller	James Prentice (Calderwood & Harkness)	August 6, 2023	August 6, 2023	Received	Confirmed binding of Policy No. RWI-2023-07182 effective at closing.
46	Correspondence and Confirmations	Email to Rebecca Chiang (GDT GC) — Closing Status Update (July 31, 2023)	Seller	Tiffany Rosenthal (Calderwood & Harkness)	July 31, 2023	July 31, 2023	Received	Summarized outstanding closing conditions, consents received, expected closing August 8, 2023.
47	Correspondence and Confirmations	Post-Closing Letter to Meridian (David Pruitt, GC) — Bring-Down and Earnout Cooperation (August 14, 2023)	Seller	James Prentice (Calderwood & Harkness)	August 14, 2023	August 14, 2023	Received	Confirmed Seller's post-closing cooperation under earnout provisions and TSA.

[sheet: Key Dates Summary]

Date	Event	Status	Reference
September 12, 2019	Vantage Molecular Sciences License Agreement executed	Completed	License Agreement (pre-transaction)
January 30, 2023	OncuPath-HER3™ PMA supplement (P230014) submitted to FDA	Completed	Regulatory filing
February 9, 2023	Engagement opened; Calderwood & Harkness engagement letter signed	Completed	Matter No. 1013-00006&A-4471
February 24, 2023	LOI executed between GDT and Meridian	Completed	Letter of Intent
March 6, 2023	Virtual data room opened	Completed	Due diligence
March 20, 2023	First draft APA circulated by Calderwood & Harkness to Whitfield Sayer & Gregg	Completed	APA Initial Draft
May 8, 2023	GDT Board approval of transaction	Completed	Board resolutions
May 10, 2023	Meridian Board approval of transaction	Completed	Board resolutions
May 11, 2023	APA signing (execution version)	Completed	Asset Purchase Agreement
May 18, 2023	HSR Act filing with FTC and DOJ	Completed	HSR Filing
June 22, 2023	HSR early termination of waiting period granted	Completed	HSR Clearance
July 14, 2023	Vantage Molecular Sciences consent to assignment obtained	Completed	Consent letter
July 28, 2023	Towne Centre Properties LLC landlord consent obtained	Completed	Lease consent
August 1, 2023	Target closing date	Completed	APA (closing delayed to August 8)
August 8, 2023	Actual closing date — Transaction completed	Completed	All closing deliverables
November 6, 2023	Post-closing NWC adjustment deadline (90 days)	Upcoming	Target NWC: $6,800,000; collar ±$350,000
December 6, 2023	Purchase price allocation deadline under IRC § 1060 (120 days)	Upcoming	Preliminary PPA prepared by Leonard Cross
May 8, 2024	TSA expiration — 9 months post-closing	Upcoming	Transition Services Agreement
August 8, 2024	First escrow release — 50% of remaining escrow balance	Upcoming	Escrow Agreement; Ashgrove Equity Partners Escrow
February 8, 2025	Survival period expiration (18 months); final escrow release	Upcoming	Indemnification provisions
August 8, 2025	Earnout Milestone 1 deadline — FDA clearance/approval of OncuPath-HER3™	Upcoming	Earnout Agreement; $8,000,000
December 31, 2025	Carlsbad sublease expiration (925 Industrial Court)	Upcoming	Sublease Assignment
August 8, 2026	Earnout Milestone 2 deadline — CMS HCPCS code & first Medicare reimbursement	Upcoming	Earnout Agreement; $6,000,000
August 8, 2028	Fundamental Representations expiration (60 months from closing)	Upcoming	APA indemnification provisions

[sheet: Parties & Contacts]

Role	Entity Full Legal Name	Short Name	Entity Type	Jurisdiction	Key Contact	Title	Address
Seller	Genome Dx Therapeutics Inc.	GDT	Corporation	Delaware (HQ: San Diego, CA)	Dr. Helena Vasquez (CEO); Martin Kowalski (CFO); Rebecca Chiang (GC)	CEO; CFO; General Counsel	10250 Science Center Drive, Suite 600, San Diego, CA 92121
Equity Sponsor of Seller	Pinnacle Biosciences Partners Fund III, L.P.	PBP III	Limited Partnership	Delaware	Nathaniel Hargrove (Board Chair / Managing Partner); Priya Ramanathan (Managing Partner)	Managing Partners	600 Lexington Avenue, Suite 3100, New York, NY 10022
GP of Equity Sponsor	Pinnacle Biosciences Partners GP III, LLC	PBP GP III	Limited Liability Company	Delaware	Nathaniel Hargrove	Managing Partner	600 Lexington Avenue, Suite 3100, New York, NY 10022
Buyer	Meridian Precision Diagnostics, Inc.	MPD	Corporation	Delaware (HQ: RTP, NC)	Thomas Ellsworth (CEO); Angela Rossi (CFO); David Pruitt (GC); Catherine Liang (VP Corp Dev)	CEO; CFO; GC; VP Corp Dev	2400 Meridian Parkway, Suite 300, Durham, NC 27713
Seller's Counsel	Calderwood & Harkness LLP	C&H	Limited Liability Partnership	California	James Prentice (Responsible Partner); Sandra Tung (Billing Partner); Tiffany Rosenthal (Lead Associate); Andrew Fitzpatrick (Working Associate); Leonard Cross (Tax)	Partners; Associates	555 South Hope Street, Suite 4400, Los Angeles, CA 90071
Buyer's Counsel	Whitfield Sayer & Gregg LLP	WSG	Limited Liability Partnership	North Carolina	Jonathan Whitfield (Lead Partner); Rachel Dempsey (Senior Associate)	Partner; Associate	200 South Tryon Street, Suite 2800, Charlotte, NC 28202
Seller's Financial Advisor	Brindoval Partners LLC	Brindoval	Limited Liability Company	Delaware	Victor Sandoval (MD); Elaine Cho (VP)	MD; VP	1999 Avenue of the Stars, Suite 1500, Los Angeles, CA 90067
Seller's Auditor (Carve-Out)	Haverford & Lane LLP	H&L	Limited Liability Partnership	California	Douglas Crane (Engagement Partner)	Engagement Partner	350 South Grand Avenue, Suite 3600, Los Angeles, CA 90071
Escrow Agent	Ashgrove Equity Partners Escrow Services, Inc.	Ashgrove Equity Partners	Corporation	California	Samantha Koh (VP)	Vice President	101 California Street, Suite 1250, San Francisco, CA 94111
R&W Insurer	Apex Mutual Insurance Company	Apex Mutual	Insurance Company	New York	Philip Aldridge (SVP, Underwriting)	SVP, Underwriting	175 Water Street, 22nd Floor, New York, NY 10038
Buyer's Lender	Summit National Bank, N.A.	Summit	National Banking Association	Illinois	Karen Delacroix (MD)	Managing Director	227 West Monroe Street, Suite 4500, Chicago, IL 60606
IP Licensor	Vantage Molecular Sciences, Inc.	Vantage	Corporation	Massachusetts	N/A (consent to assignment)	75 Hayden Avenue, Lexington, MA 02421
Landlord	Towne Centre Properties LLC	Towne Centre	Limited Liability Company	California	N/A (lease consent)	San Diego, CA

[sheet: Financial Summary]

Item	Amount	Basis / Calculation	Notes
Total Consideration	$140,000,000	Fixed deal value	Asset purchase of OncuPath™ Business
Closing Cash Payment	$126,000,000	$140,000,000 − $14,000,000 earnout	Paid at closing August 8, 2023
Earnout (Maximum)	$14,000,000	$140,000,000 × 10%	Two clinical milestones within 36 months
Earnout Milestone 1	$8,000,000	Component of $14M earnout	FDA clearance/approval of OncuPath-HER3™ by August 8, 2025
Earnout Milestone 2	$6,000,000	$14,000,000 − $8,000,000	CMS HCPCS code + first Medicare reimbursement by August 8, 2026
Escrow Amount	$14,000,000	$140,000,000 × 10%	Deposited at Ashgrove Equity Partners Escrow Account No. 8841-7023-5500
Net Closing Proceeds to GDT	$112,000,000	$126,000,000 − $14,000,000 escrow	Wired to GDT at closing
Indemnification Cap	$28,000,000	$140,000,000 × 20%	General cap; Fundamental Reps capped at Total Consideration
De Minimis (per claim)	$75,000	Negotiated	Claims below threshold excluded
Basket (aggregate deductible)	$1,400,000	$140,000,000 × 1%	Tipping basket — recovery from dollar one once exceeded
R&W Policy Limit	$28,000,000	Matches indemnification cap	Apex Mutual Policy No. RWI-2023-07182
R&W Policy Retention	$1,400,000	Matches basket	Aligned with aggregate deductible
R&W Premium (Total)	$840,000	3% × $28,000,000	Split 50/50
R&W Premium — Seller's Share	$420,000	$840,000 × 50%	Paid at closing
R&W Premium — Buyer's Share	$420,000	$840,000 × 50%	Paid at closing
Target Net Working Capital	$6,800,000	Per carve-out financials (Haverford & Lane)	Collar: ±$350,000; true-up within 90 days (by November 6, 2023)
NWC Collar	±$350,000	Negotiated	Adjustments only if deviation exceeds collar
Summit Credit Facility (Buyer)	$95,000,000	Term loan commitment	Buyer's acquisition financing from Summit National Bank, N.A.
GDT Total Revenue (FY 2022)	$312,000,000	Company-wide	Reference
OncuPath Revenue (FY 2022)	$47,600,000	Divested business line	Reference
Meridian Revenue (FY 2022)	$589,000,000	Buyer reference
Meridian EBITDA (FY 2022)	$104,000,000	Buyer reference
Pinnacle Ownership in GDT	68.4%	Common stock	PBP III (EIN: 83-1726450)
Preliminary Tax Allocation — Tangible Personal Property	$18,200,000	IRC § 1060	Per Leonard Cross analysis

Preliminary Tax Allocation — Real Property Interests	$3,400,000	IRC § 1060	Leasehold interests
Preliminary Tax Allocation — Intellectual Property	$52,600,000	IRC § 1060	Patents, trade secrets
Preliminary Tax Allocation — Customer Relationships	$27,800,000	IRC § 1060	Contracts
Preliminary Tax Allocation — Trademarks	$9,400,000	IRC § 1060	OncuPath brand family
Preliminary Tax Allocation — Goodwill (Residual)	$28,600,000	$140M − ($18.2M + $3.4M + $52.6M + $27.8M + $9.4M)	Residual allocation
Tax Allocation Total	$140,000,000	Sum of all categories	Must equal Total Consideration

[sheet: Closing Checklist]
Item No. | Category | Description | Responsible Party | Responsible Person / Entity | Due Date | Date Completed | Status | Notes / Comments
1 | Transaction Agreements | Asset Purchase Agreement — Execution Version, dated May 11, 2023, between Genome Dx Therapeutics Inc. (Seller) and Meridian Precision Diagnostics, Inc. (Buyer) | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP | May 11, 2023 | May 11, 2023 | Executed | Governing law: Delaware. Total consideration: $140,000,000. C&H Matter No. 1013-00006&A-4471.
2 | Transaction Agreements | Disclosure Schedules to the Asset Purchase Agreement | Seller | Calderwood & Harkness LLP (James Prentice / Tiffany Rosenthal) | May 11, 2023 | May 11, 2023 | Executed | Cross-referenced to APA reps & warranties. Includes schedules of material contracts, IP (14 issued patents, 7 pending applications, 3 registered trademarks), 83 employees offered transfer, litigation, permits (CLIA 05D2178493; FDA 510(k) clearances K201847, K193215, K210562), environmental, tax, customers/suppliers.
3 | Transaction Agreements | Earnout Agreement (Exhibit to APA) — Milestone 1: $8,000,000 upon FDA clearance/approval of OncuPath-HER3™ by August 8, 2025; Milestone 2: $6,000,000 upon CMS HCPCS code and first Medicare reimbursement by August 8, 2026 | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP | May 11, 2023 | May 11, 2023 | Executed | Maximum earnout: $14,000,000. 36-month earnout period. Commercially reasonable efforts standard. Acceleration on Buyer change of control.
4 | Transaction Agreements | Escrow Agreement among GDT, Meridian, and Ashgrove Equity Partners Escrow Services, Inc. — $14,000,000 escrow deposit to Account No. 8841-7023-5500 | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP / Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh) | May 11, 2023 (effective at closing) | May 11, 2023 | Executed | Release: 50% at 12 months post-closing (August 8, 2024); balance at survival expiration (February 8, 2025), net of pending claims.
5 | Transaction Agreements | Non-Competition and Non-Solicitation Agreement — GDT 3-year non-compete in companion diagnostics (U.S.); 2-year non-solicitation of transferred employees | Seller | Calderwood & Harkness LLP | Closing | August 8, 2023 | Executed | Governed by Delaware law.
6 | Transaction Agreements | Transition Services Agreement — GDT to provide IT, facilities, and HR/payroll services to Meridian for up to 9 months post-closing at cost plus 5% | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP | Closing | August 8, 2023 | Executed | Service descriptions, service levels, termination provisions included.
7 | Closing Conveyance Documents | Bill of Sale — conveyance of all tangible Purchased Assets of OncuPath Business from GDT to Meridian | Seller | Calderwood & Harkness LLP | Closing | August 8, 2023 | Executed | Covers equipment, inventory, and supplies at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121 and 925 Industrial Court, Carlsbad, CA 92010.
8 | Closing Conveyance Documents | Assignment and Assumption Agreement — assignment of Assumed Contracts and Assumed Liabilities from GDT to Meridian | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP | Closing | August 8, 2023 | Executed | Includes Vantage license, facility leases, customer/supplier contracts. Post-closing trade payables, assumed contract obligations, and post-closing warranty claims assumed.
9 | Closing Conveyance Documents | Intellectual Property Assignment Agreement — assignment of 14 issued U.S. patents, 7 pending applications, trademarks (OncuPath™ Reg. No. 5,847,321; OncuPath-HER3™ Reg. No. 6,412,088; OncuPath-GENOMARK™ Reg. No. 6,118,754), trade secrets, and know-how | Seller | Calderwood & Harkness LLP | Closing | August 8, 2023 | Executed | All OncuPath-related IP transferred. Associated goodwill included.
10 | Closing Conveyance Documents | Assignment of Sublease — 925 Industrial Court, Carlsbad, CA 92010 (OncuPath manufacturing/kitting space) | Seller | Calderwood & Harkness LLP | Closing | August 8, 2023 | Executed | Sublease expires December 31, 2025.
11 | Seller's Closing Certificates | Seller's Closing Certificate — Officer's certificate signed by Martin Kowalski (CFO, GDT) certifying accuracy of reps & warranties, compliance with covenants, and satisfaction of closing conditions | Seller | Martin Kowalski (GDT CFO) | Closing | August 8, 2023 | Executed
12 | Seller's Closing Certificates | Secretary's Certificate of Genome Dx Therapeutics Inc. — certifying incumbency, board resolutions (approved May 8, 2023), certificate of incorporation, and bylaws | Seller | Rebecca Chiang (GDT General Counsel) | Closing | August 8, 2023 | Executed | Board approval date: May 8, 2023.
13 | Seller's Closing Certificates | Seller's FIRPTA Certificate — non-foreign person affidavit under IRC § 1445 for GDT (EIN: 47-3892061) | Seller | Calderwood & Harkness LLP (Leonard Cross) | Closing | August 8, 2023 | Executed | Certifies GDT is not a foreign person per Treasury Reg. § 1.1445-2(b).
14 | Buyer's Closing Certificates | Buyer's Closing Certificate — Officer's certificate of Meridian Precision Diagnostics, Inc. certifying accuracy of Buyer's reps & warranties and compliance with covenants | Buyer | Whitfield Sayer & Gregg LLP | Closing | August 8, 2023 | Executed | Signed by Angela Rossi (Meridian CFO).
15 | Buyer's Closing Certificates | Secretary's Certificate of Meridian Precision Diagnostics, Inc. — certifying incumbency and board resolutions (approved May 10, 2023) | Buyer | Whitfield Sayer & Gregg LLP | Closing | August 8, 2023 | Executed | Meridian board approval date: May 10, 2023.
16 | Governmental Approvals | HSR Act Filing — Pre-merger notification filing with FTC and DOJ | Joint | Calderwood & Harkness LLP (Andrew Fitzpatrick) / Whitfield Sayer & Gregg LLP | May 18, 2023 | May 18, 2023 | Filed | Size-of-transaction threshold exceeded for $140M asset purchase.
17 | Governmental Approvals | HSR Act — Early Termination of Waiting Period | Third Party | FTC / DOJ | 30 days from filing (or early termination) | June 22, 2023 | Received | Early termination granted June 22, 2023.
18 | Governmental Approvals | FDA Establishment Registration Update — Transfer of OncuPath establishment registration to Meridian | Buyer | Whitfield Sayer & Gregg LLP / Yuki Tanabe | Post-closing | Pending post-closing | Pending | To be completed by Meridian post-closing. Three 510(k) clearances: K201847, K193215, K210562. PMA supplement P230014 pending (submitted January 30, 2023).
19 | Governmental Approvals | CLIA Certificate Transfer — Transfer of CLIA certificate of accreditation (ID: 05D2178493) for OncuPath reference laboratory at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121 | Buyer | Whitfield Sayer & Gregg LLP / Yuki Tanabe | Post-closing | Pending post-closing | Pending | Buyer to apply for new CLIA certificate or transfer post-closing.
20 | Third-Party Consents | Consent to Assignment — Vantage Molecular Sciences, Inc. License Agreement (dated September 12, 2019) for probe-labeling technology | Seller | Calderwood & Harkness LLP (Tiffany Rosenthal) | Prior to closing | July 14, 2023 | Received | Consent letter obtained from Vantage Molecular Sciences, Inc. (75 Hayden Avenue, Lexington, MA 02421).
21 | Third-Party Consents | Consent to Assignment of Lease — Towne Centre Properties LLC for premises at 4820 Towne Centre Drive, Suite 200, San Diego, CA 92121 | Seller | Calderwood & Harkness LLP | Prior to closing | July 28, 2023 | Received | Landlord consent obtained from Towne Centre Properties LLC.
22 | Third-Party Consents | Consent to Assignment of Sublease — 925 Industrial Court, Carlsbad, CA 92010 (if required under sublease terms) | Seller | Calderwood & Harkness LLP | Prior to closing | August 1, 2023 | Received | Sublease expires December 31, 2025.
23 | Third-Party Consents | Consents to Assignment — Material OncuPath Customer and Supplier Contracts (as identified in Disclosure Schedules) | Seller | Calderwood & Harkness LLP / GDT Commercial Team (Samuel Briggs) | Prior to closing | August 7, 2023 | Received | All material contract consents obtained or confirmed not required.
24 | Insurance | R&W Insurance Policy Binding — Apex Mutual Insurance Company, Policy No. RWI-2023-07182, $28,000,000 limit, $1,400,000 retention | Joint | Calderwood & Harkness LLP (James Prentice) / Whitfield Sayer & Gregg LLP | Prior to closing | August 6, 2023 | Received | Buyer-side RWI policy. Premium: $840,000 (3% of $28M limit), split 50/50 ($420,000 Seller / $420,000 Buyer). Binding confirmation letter sent to Philip Aldridge (SVP, Underwriting) at Apex Mutual (175 Water Street, 22nd Floor, New York, NY 10038).
25 | Insurance | R&W Insurance Premium Payment — Seller's share ($420,000) and Buyer's share ($420,000) | Joint | GDT (Martin Kowalski) / Meridian (Angela Rossi) | Closing | August 8, 2023 | Executed | Paid at closing per Closing Funds Flow Memorandum.
26 | Financing | Summit National Bank, N.A. — Buyer's acquisition financing commitment ($95,000,000 term loan) | Buyer | Whitfield Sayer & Gregg LLP / Karen Delacroix (Summit National Bank, 227 West Monroe Street, Suite 4500, Chicago, IL 60606) | Closing | August 8, 2023 | Received | Confirmation of funding received.
27 | Funds Flow and Payments | Closing Funds Flow Memorandum — finalized wire instructions and amounts | Joint | Calderwood & Harkness LLP (Andrew Fitzpatrick) / Whitfield Sayer & Gregg LLP | Closing | August 8, 2023 | Executed | Total closing cash: $126,000,000. Escrow deposit: $14,000,000 to Ashgrove Equity Partners Escrow Account No. 8841-7023-5500. Net to GDT: $112,000,000. R&W premium: $420,000 each.
28 | Funds Flow and Payments | Wire Transfer — $14,000,000 to Ashgrove Equity Partners Escrow Services, Inc. (Account No. 8841-7023-5500) | Buyer | Meridian (Angela Rossi) / Ashgrove Equity Partners Escrow (Samantha Koh, 101 California Street, Suite 1250, San Francisco, CA 94111) | Closing | August 8, 2023 | Executed | Escrow instructions letter sent August 7, 2023.
29 | Funds Flow and Payments | Wire Transfer — $112,000,000 net closing proceeds to Genome Dx Therapeutics Inc. | Buyer | Meridian (Angela Rossi) | Closing | August 8, 2023 | Executed | $126,000,000 closing cash less $14,000,000 escrow = $112,000,000 net to GDT.
30 | Funds Flow and Payments | Wire Transfer — R&W Insurance Premium to Apex Mutual Insurance Company ($840,000 total; $420,000 from Seller, $420,000 from Buyer) | Joint | GDT / Meridian | Closing | August 8, 2023 | Executed | Policy No. RWI-2023-07182.
31 | Employee Matters | Employee Offer Letters — 83 OncuPath Business employees to receive employment offers from Meridian | Buyer | Meridian HR / Catherine Liang | Prior to closing | August 1, 2023 | Executed | 78 employees accepted and transferred at closing. 5 declined. Key transferring personnel: Dr. Lara Okonkwo (VP, OncuPath R&D), Samuel Briggs (Director, OncuPath Commercial Ops), Yuki Tanabe (Head of Regulatory Affairs, OncuPath).
32 | Employee Matters | WARN Act Compliance Confirmation — No notification required (fewer than 100 employees affected at a single site) | Seller | Calderwood & Harkness LLP | Prior to closing | July 15, 2023 | Received | Analysis confirmed no WARN Act notification obligation.
33 | Employee Matters | COBRA and Benefits Tail Coverage — Arrangements for non-transferring employees and transitional coverage | Seller | GDT HR / Calderwood & Harkness LLP | Closing | August 8, 2023 | Executed | COBRA notices prepared for 5 non-transferring employees.
34 | Post-Closing Obligations | Post-Closing NWC Adjustment — Final closing balance sheet preparation by Haverford & Lane LLP (Douglas Crane); target NWC: $6,800,000; collar: ±$350,000; deadline: November 6, 2023 (90 days post-closing) | Joint | Haverford & Lane LLP / Calderwood & Harkness LLP (Andrew Fitzpatrick) / GDT (Martin Kowalski) | November 6, 2023 | Pending | NWC methodology communicated to GDT CFO on August 15, 2023. Dispute resolution per APA Section.
35 | Post-Closing Obligations | Purchase Price Allocation under IRC § 1060 — to be agreed between Seller and Buyer within 120 days post-closing (by December 6, 2023) | Joint | Calderwood & Harkness LLP (Leonard Cross) / Whitfield Sayer & Gregg LLP | December 6, 2023 | Pending | Preliminary allocation: tangible personal property $18,200,000; real property interests $3,400,000; IP $52,600,000; customer relationships $27,800,000; trademarks $9,400,000; goodwill $28,600,000. Total: $140,000,000.
36 | Post-Closing Obligations | First Escrow Release — 50% of remaining escrow balance released 12 months post-closing | Third Party | Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh) | August 8, 2024 | Pending | Per Escrow Agreement release schedule.
37 | Post-Closing Obligations | Final Escrow Release — Remaining escrow balance released at survival period expiration, net of pending claims | Third Party | Ashgrove Equity Partners Escrow Services, Inc. (Samantha Koh) | February 8, 2025 | Pending | 18-month survival period expires February 8, 2025.
38 | Post-Closing Obligations | Earnout Milestone 1 — $8,000,000 payable upon FDA clearance/approval of OncuPath-HER3™ as companion diagnostic | Buyer | Meridian / Dr. Lara Okonkwo / Yuki Tanabe | August 8, 2025 | Pending | PMA supplement P230014 submitted to FDA January 30, 2023.
39 | Post-Closing Obligations | Earnout Milestone 2 — $6,000,000 payable upon CMS HCPCS code issuance and first Medicare reimbursement for OncuPath-HER3™ | Buyer | Meridian | August 8, 2026 | Pending | Contingent on Milestone 1 achievement.
40 | Post-Closing Obligations | TSA Expiration — Transition Services Agreement terminable up to 9 months post-closing (May 8, 2024) | Joint | GDT / Meridian | May 8, 2024 | Pending | IT, facilities, HR/payroll at cost + 5%.
41 | Post-Closing Obligations | Fundamental Representations Survival — 60 months from closing | Joint | Calderwood & Harkness LLP / Whitfield Sayer & Gregg LLP | August 8, 2028 | Pending | Not subject to indemnification cap or basket; aggregate Seller liability capped at Total Consideration ($140,000,000).
42 | Correspondence and Confirmations | Letter to Whitfield Sayer & Gregg — Initial Draft APA Transmittal (March 20, 2023) | Seller | James Prentice (Calderwood & Harkness) | March 20, 2023 | March 20, 2023 | Received | First draft APA circulated with seller-position commentary.
43 | Correspondence and Confirmations | Letter to Whitfield Sayer & Gregg — Negotiation Issues List (April 14, 2023) | Seller | James Prentice (Calderwood & Harkness) | April 14, 2023 | April 14, 2023 | Received | Responded to Buyer's counsel's APA markup; addressed indemnification cap (20%), survival (18 months), earnout milestones, non-compete scope.
44 | Correspondence and Confirmations | Letter to Ashgrove Equity Partners Escrow Services — Escrow Instructions (August 7, 2023) | Seller | Tiffany Rosenthal (Calderwood & Harkness) | August 7, 2023 | August 7, 2023 | Received | Transmitted executed Escrow Agreement and wire instructions for $14,000,000 to Account No. 8841-7023-5500.
45 | Correspondence and Confirmations | Letter to Apex Mutual — RWI Policy Binding Confirmation (August 6, 2023) | Seller | James Prentice (Calderwood & Harkness) | August 6, 2023 | August 6, 2023 | Received | Confirmed binding of Policy No. RWI-2023-07182 effective at closing.
46 | Correspondence and Confirmations | Email to Rebecca Chiang (GDT GC) — Closing Status Update (July 31, 2023) | Seller | Tiffany Rosenthal (Calderwood & Harkness) | July 31, 2023 | July 31, 2023 | Received | Summarized outstanding closing conditions, consents received, expected closing August 8, 2023.
47 | Correspondence and Confirmations | Post-Closing Letter to Meridian (David Pruitt, GC) — Bring-Down and Earnout Cooperation (August 14, 2023) | Seller | James Prentice (Calderwood & Harkness) | August 14, 2023 | August 14, 2023 | Received | Confirmed Seller's post-closing cooperation under earnout provisions and TSA.
[sheet: Key Dates Summary]
Date | Event | Status | Reference
September 12, 2019 | Vantage Molecular Sciences License Agreement executed | Completed | License Agreement (pre-transaction)
January 30, 2023 | OncuPath-HER3™ PMA supplement (P230014) submitted to FDA | Completed | Regulatory filing
February 9, 2023 | Engagement opened; Calderwood & Harkness engagement letter signed | Completed | Matter No. 1013-00006&A-4471
February 24, 2023 | LOI executed between GDT and Meridian | Completed | Letter of Intent
March 6, 2023 | Virtual data room opened | Completed | Due diligence
March 20, 2023 | First draft APA circulated by Calderwood & Harkness to Whitfield Sayer & Gregg | Completed | APA Initial Draft
May 8, 2023 | GDT Board approval of transaction | Completed | Board resolutions
May 10, 2023 | Meridian Board approval of transaction | Completed | Board resolutions
May 11, 2023 | APA signing (execution version) | Completed | Asset Purchase Agreement
May 18, 2023 | HSR Act filing with FTC and DOJ | Completed | HSR Filing
June 22, 2023 | HSR early termination of waiting period granted | Completed | HSR Clearance
July 14, 2023 | Vantage Molecular Sciences consent to assignment obtained | Completed | Consent letter
July 28, 2023 | Towne Centre Properties LLC landlord consent obtained | Completed | Lease consent
August 1, 2023 | Target closing date | Completed | APA (closing delayed to August 8)
August 8, 2023 | Actual closing date — Transaction completed | Completed | All closing deliverables
November 6, 2023 | Post-closing NWC adjustment deadline (90 days) | Upcoming | Target NWC: $6,800,000; collar ±$350,000
December 6, 2023 | Purchase price allocation deadline under IRC § 1060 (120 days) | Upcoming | Preliminary PPA prepared by Leonard Cross
May 8, 2024 | TSA expiration — 9 months post-closing | Upcoming | Transition Services Agreement
August 8, 2024 | First escrow release — 50% of remaining escrow balance | Upcoming | Escrow Agreement; Ashgrove Equity Partners Escrow
February 8, 2025 | Survival period expiration (18 months); final escrow release | Upcoming | Indemnification provisions
August 8, 2025 | Earnout Milestone 1 deadline — FDA clearance/approval of OncuPath-HER3™ | Upcoming | Earnout Agreement; $8,000,000
December 31, 2025 | Carlsbad sublease expiration (925 Industrial Court) | Upcoming | Sublease Assignment
August 8, 2026 | Earnout Milestone 2 deadline — CMS HCPCS code & first Medicare reimbursement | Upcoming | Earnout Agreement; $6,000,000
August 8, 2028 | Fundamental Representations expiration (60 months from closing) | Upcoming | APA indemnification provisions
[sheet: Parties & Contacts]
Role | Entity Full Legal Name | Short Name | Entity Type | Jurisdiction | Key Contact | Title | Address
Seller | Genome Dx Therapeutics Inc. | GDT | Corporation | Delaware (HQ: San Diego, CA) | Dr. Helena Vasquez (CEO); Martin Kowalski (CFO); Rebecca Chiang (GC) | CEO; CFO; General Counsel | 10250 Science Center Drive, Suite 600, San Diego, CA 92121
Equity Sponsor of Seller | Pinnacle Biosciences Partners Fund III, L.P. | PBP III | Limited Partnership | Delaware | Nathaniel Hargrove (Board Chair / Managing Partner); Priya Ramanathan (Managing Partner) | Managing Partners | 600 Lexington Avenue, Suite 3100, New York, NY 10022
GP of Equity Sponsor | Pinnacle Biosciences Partners GP III, LLC | PBP GP III | Limited Liability Company | Delaware | Nathaniel Hargrove | Managing Partner | 600 Lexington Avenue, Suite 3100, New York, NY 10022
Buyer | Meridian Precision Diagnostics, Inc. | MPD | Corporation | Delaware (HQ: RTP, NC) | Thomas Ellsworth (CEO); Angela Rossi (CFO); David Pruitt (GC); Catherine Liang (VP Corp Dev) | CEO; CFO; GC; VP Corp Dev | 2400 Meridian Parkway, Suite 300, Durham, NC 27713
Seller's Counsel | Calderwood & Harkness LLP | C&H | Limited Liability Partnership | California | James Prentice (Responsible Partner); Sandra Tung (Billing Partner); Tiffany Rosenthal (Lead Associate); Andrew Fitzpatrick (Working Associate); Leonard Cross (Tax) | Partners; Associates | 555 South Hope Street, Suite 4400, Los Angeles, CA 90071
Buyer's Counsel | Whitfield Sayer & Gregg LLP | WSG | Limited Liability Partnership | North Carolina | Jonathan Whitfield (Lead Partner); Rachel Dempsey (Senior Associate) | Partner; Associate | 200 South Tryon Street, Suite 2800, Charlotte, NC 28202
Seller's Financial Advisor | Brindoval Partners LLC | Brindoval | Limited Liability Company | Delaware | Victor Sandoval (MD); Elaine Cho (VP) | MD; VP | 1999 Avenue of the Stars, Suite 1500, Los Angeles, CA 90067
Seller's Auditor (Carve-Out) | Haverford & Lane LLP | H&L | Limited Liability Partnership | California | Douglas Crane (Engagement Partner) | Engagement Partner | 350 South Grand Avenue, Suite 3600, Los Angeles, CA 90071
Escrow Agent | Ashgrove Equity Partners Escrow Services, Inc. | Ashgrove Equity Partners | Corporation | California | Samantha Koh (VP) | Vice President | 101 California Street, Suite 1250, San Francisco, CA 94111
R&W Insurer | Apex Mutual Insurance Company | Apex Mutual | Insurance Company | New York | Philip Aldridge (SVP, Underwriting) | SVP, Underwriting | 175 Water Street, 22nd Floor, New York, NY 10038
Buyer's Lender | Summit National Bank, N.A. | Summit | National Banking Association | Illinois | Karen Delacroix (MD) | Managing Director | 227 West Monroe Street, Suite 4500, Chicago, IL 60606
IP Licensor | Vantage Molecular Sciences, Inc. | Vantage | Corporation | Massachusetts | N/A (consent to assignment) | 75 Hayden Avenue, Lexington, MA 02421
Landlord | Towne Centre Properties LLC | Towne Centre | Limited Liability Company | California | N/A (lease consent) | San Diego, CA
[sheet: Financial Summary]
Item | Amount | Basis / Calculation | Notes
Total Consideration | $140,000,000 | Fixed deal value | Asset purchase of OncuPath™ Business
Closing Cash Payment | $126,000,000 | $140,000,000 − $14,000,000 earnout | Paid at closing August 8, 2023
Earnout (Maximum) | $14,000,000 | $140,000,000 × 10% | Two clinical milestones within 36 months
Earnout Milestone 1 | $8,000,000 | Component of $14M earnout | FDA clearance/approval of OncuPath-HER3™ by August 8, 2025
Earnout Milestone 2 | $6,000,000 | $14,000,000 − $8,000,000 | CMS HCPCS code + first Medicare reimbursement by August 8, 2026
Escrow Amount | $14,000,000 | $140,000,000 × 10% | Deposited at Ashgrove Equity Partners Escrow Account No. 8841-7023-5500
Net Closing Proceeds to GDT | $112,000,000 | $126,000,000 − $14,000,000 escrow | Wired to GDT at closing
Indemnification Cap | $28,000,000 | $140,000,000 × 20% | General cap; Fundamental Reps capped at Total Consideration
De Minimis (per claim) | $75,000 | Negotiated | Claims below threshold excluded
Basket (aggregate deductible) | $1,400,000 | $140,000,000 × 1% | Tipping basket — recovery from dollar one once exceeded
R&W Policy Limit | $28,000,000 | Matches indemnification cap | Apex Mutual Policy No. RWI-2023-07182
R&W Policy Retention | $1,400,000 | Matches basket | Aligned with aggregate deductible
R&W Premium (Total) | $840,000 | 3% × $28,000,000 | Split 50/50
R&W Premium — Seller's Share | $420,000 | $840,000 × 50% | Paid at closing
R&W Premium — Buyer's Share | $420,000 | $840,000 × 50% | Paid at closing
Target Net Working Capital | $6,800,000 | Per carve-out financials (Haverford & Lane) | Collar: ±$350,000; true-up within 90 days (by November 6, 2023)
NWC Collar | ±$350,000 | Negotiated | Adjustments only if deviation exceeds collar
Summit Credit Facility (Buyer) | $95,000,000 | Term loan commitment | Buyer's acquisition financing from Summit National Bank, N.A.
GDT Total Revenue (FY 2022) | $312,000,000 | Company-wide | Reference
OncuPath Revenue (FY 2022) | $47,600,000 | Divested business line | Reference
Meridian Revenue (FY 2022) | $589,000,000 | Buyer reference
Meridian EBITDA (FY 2022) | $104,000,000 | Buyer reference
Pinnacle Ownership in GDT | 68.4% | Common stock | PBP III (EIN: 83-1726450)
Preliminary Tax Allocation — Tangible Personal Property | $18,200,000 | IRC § 1060 | Per Leonard Cross analysis
Preliminary Tax Allocation — Real Property Interests | $3,400,000 | IRC § 1060 | Leasehold interests
Preliminary Tax Allocation — Intellectual Property | $52,600,000 | IRC § 1060 | Patents, trade secrets
Preliminary Tax Allocation — Customer Relationships | $27,800,000 | IRC § 1060 | Contracts
Preliminary Tax Allocation — Trademarks | $9,400,000 | IRC § 1060 | OncuPath brand family
Preliminary Tax Allocation — Goodwill (Residual) | $28,600,000 | $140M − ($18.2M + $3.4M + $52.6M + $27.8M + $9.4M) | Residual allocation
Tax Allocation Total | $140,000,000 | Sum of all categories | Must equal Total Consideration

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts