Veracyte, Inc. has reached a definitive agreement to acquire C2i Genomics, Inc. for $95 million.
January 07, 2024
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Veracyte, Inc. (NasdaqGM:VCYT) has reached a definitive agreement to acquire C2i Genomics, Inc. for $95 million on January 8, 2024. Under the terms of the agreement, Veracyte will pay $70 million in Veracyte shares at closing, and up to an additional $25 million based on the achievement of future performance milestones over the next two years, payable in Veracyte shares or cash at Veracyte?s election. Veracyte expects the upfront purchase price to be subject to customary balance sheet adjustments and the transaction to close in the first quarter of 2024.
Morgan Stanley & Co. LLC is serving as financial advisor to Veracyte, and Fenwick & West LLP is serving as legal advisor. Perella Weinberg Partners is serving as financial advisor to C2i Genomics, and Meitar is serving as legal advisor.
Veracyte, Inc. is a global diagnostics company. The Company enables clinicians with insights they need to guide and assure patients. The Company offers tests for thyroid cancer (Afirma), prostate cancer (Decipher Prostate), breast cancer (Prosigna), interstitial lung diseases (Envisia), and bladder cancer (Decipher Bladder). Its Percepta Nasal Swab test is being run in its Clinical Laboratory Improvement Amendments (CLIA) lab in support of clinical studies and its tests for kidney cancer and lymphoma are in development, the latter as a companion diagnostic. Its products consist of the Prosigna breast cancer assay, the nCounter Analysis System, related diagnostic kits, and services. In the United States, it offers laboratory developed tests (LDTs), through its CLIA labs in South San Francisco and San Diego, California, supported by its cytopathology know-how in Austin, Texas. The Company also offers whole-genome MRD platform that enable it in early cancer diagnosis and risk assessment.