SOUTH SAN FRANCISCO, Calif. - Veracyte, Inc. (NASDAQ:VCYT), a global leader in cancer diagnostics, has completed the acquisition of C2i Genomics, Inc., the company announced Monday. This strategic move incorporates whole-genome minimal residual disease (MRD) capabilities into Veracyte's diagnostic platform and broadens its role in the cancer care continuum.
The integration of C2i Genomics' technology and team is expected to bolster Veracyte's effort to transform cancer care globally. According to Veracyte's CEO, Marc Stapley, the addition of C2i's artificial intelligence-driven whole-genome MRD platform will extend their services to include treatment monitoring and disease recurrence testing. The technology will also contribute to a richer set of data and insights for patient care.
Veracyte's initial application of the newly acquired technology will be an MRD test for muscle-invasive bladder cancer, leveraging its established urology commercial channel and clear reimbursement pathways. The company also plans to develop additional MRD tests for other focused indications.
The acquisition, valued at $70M with customary purchase price adjustments, was paid for with approximately 2.7 million shares of Veracyte. An additional contingent consideration of up to $25M, payable in either shares or cash, is tied to future performance milestones over the next two years.
Veracyte's diagnostics platform is known for providing high-performing cancer tests powered by genomic and clinical data, bioinformatics, artificial intelligence, and an evidence-generation engine. These elements contribute to the tests' durable reimbursement and inclusion in medical guidelines, as well as ongoing innovation and pipeline development.
The press release cautions that forward-looking statements regarding the expected benefits of the acquisition involve risks and uncertainties that could cause actual results to differ materially from projections. Factors that may affect these statements include Veracyte's ability to commercialize and receive reimbursement for its products, the integration of C2i Genomics' business, and broader economic and geopolitical influences.
The information in this article is based on a press release statement from Veracyte, Inc.
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