HistoGeneX combines with Caprion Biosciences via strategic investment from Arsenal Capital Partners


On July 31, 2019, HistoGeneX and Caprion Biosciences announced they have agreed to combine their respective businesses. This combination creates a global leader in immune monitoring, protein characterization, and tissue pathology solutions for immunotherapy and drug development.

The combination was facilitated by a substantial investment from Arsenal Capital Partners, a New York-based leading specialized private equity firm that invests in middle-market healthcare and specialty industrials companies.

Founded by internationally recognized pathologists leading the shift to precision medicine, HistoGeneX provides pathology and biomarker assessment services spanning the drug development continuum.

Caprion Biosciences is the leading provider of specialized flow cytometry immune monitoring and quantitative mass spectrometry proteomics services to the biopharmaceutical industry.


The combined business will provide a full suite of immune monitoring and biomarker development services, from preclinical through late stage clinical trials and companion diagnostics, to global biopharmaceutical organizations.

Together, these testing services provide customers with a broad and in-depth analysis of biomarkers to better understand the interplay between diseases such as cancer and the immune system, assess therapeutic efficacy of immune-modulating drugs, and enable patient stratification.

Crosstree’s Role

Crosstree acted as exclusive financial advisor to HistoGeneX in its strategic investment from Arsenal Capital Partners and combination with Caprion Biosciences.

This transaction further strengthens Crosstree’s extensive advisory experience with innovators advancing the field of precision medicine.


Pharma Services
Diagnostics and Tools


Merger and Acquisition

Deal Tags

Pharma Lab Services
Clinical Trials
Pharma Development
Diagnostic Laboratory
International client or transaction
PE Platform Transactions