Veracyte Completes Acquisition of C2i Genomics
February 06 2024 - 7:15AM
Business Wire
Extends Veracyte’s novel diagnostics platform
with whole-genome minimal residual disease capabilities
Expands company’s presence across the cancer
care continuum
Veracyte, Inc. (Nasdaq: VCYT), a leading cancer diagnostics
company, today announced it has completed its acquisition of C2i
Genomics, Inc., adding whole-genome minimal residual disease (MRD)
capabilities to its novel diagnostics platform and expanding the
company’s ability to serve patients across the cancer care
continuum.
“Bringing C2i Genomics’ technology and team into Veracyte will
allow us to make significant advances in our vision to transform
cancer care for patients all over the world,” said Marc Stapley,
Veracyte’s chief executive officer. “C2i’s novel artificial
intelligence-driven, whole-genome MRD platform will enable us to
expand the value we deliver to clinicians and their patients,
beginning with early cancer diagnosis and risk assessment, and now
moving further along the patient journey into treatment monitoring
and disease recurrence testing. C2i’s approach to MRD will expand
the set of data and insights that can follow each patient
throughout their care, and will also fuel new innovation.”
Veracyte’s first application of C2i Genomics’ technology will be
a muscle-invasive bladder cancer MRD test, where the company plans
to leverage its strong urology commercial channel and a clear
pathway to expected reimbursement. The company plans to develop
further MRD tests in several of its focused indications.
Transaction Details
Under terms of the transaction, Veracyte acquired C2i Genomics
for $70 million (subject to customary purchase price adjustments),
paid for with 2.7 million Veracyte shares. Veracyte will pay up to
an additional $25 million, payable in Veracyte shares or cash at
Veracyte’s election, based on the achievement of future performance
milestones over the next two years.
About Veracyte
Veracyte (Nasdaq: VCYT) is a global diagnostics company whose
vision is to transform cancer care for patients all over the world.
We empower clinicians with the high-value insights they need to
guide and assure patients at pivotal moments in the race to
diagnose and treat cancer. Our Veracyte Diagnostics Platform
delivers high-performing cancer tests that are fueled by broad
genomic and clinical data, deep bioinformatic and AI capabilities,
and a powerful evidence-generation engine, which ultimately drives
durable reimbursement and guideline inclusion for our tests, along
with new insights to support continued innovation and pipeline
development. For more information, please visit www.veracyte.com
and follow the company on Twitter (@veracyte).
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements,
including, but not limited to our statements related to our
acquisition of C2i Genomics and statements regarding the expected
benefits of the acquisition, including but not limited to: our
expectation that C2i Genomics’ technology and team will allow us to
make significant advances in our vision to transform cancer care
for patients all over the world; that C2i’s novel artificial
intelligence-driven, whole genome MRD platform will enable us to
move further along the patient journey; that C2i’s approach to MRD
will expand the set of data and insights that can follow each
patient throughout their care and help fuel new innovations; and
our intentions with respect to our tests and products, for use in
diagnosing and treating diseases, in and outside of the United
States. Forward-looking statements can be identified by words such
as: “appears,” “anticipate,” “intend,” “plan,” “expect,” “believe,”
“should,” “may,” “will,” “enable,” “positioned,” “offers,”
“designed” and similar references to future periods. Actual results
may differ materially from those projected or suggested in any
forward-looking statements. These statements involve risks and
uncertainties, which could cause actual results to differ
materially from our predictions, and include, but are not limited
to: our ability to launch, commercialize and receive reimbursement
for our products; our ability to execute on our business strategies
relating to the C2i Genomics acquisition and realize expected
benefits and synergies; the retention of certain of C2i Genomics’
employees and our ability to successfully integrate the C2i
Genomics business; the risk of stockholder litigation in connection
with the transaction; our ability to demonstrate the validity and
utility of our genomic tests and biopharma and other offerings; our
ability to continue executing on our business plan; our ability to
continue to scale our global operations and enhance our internal
control environment; the impact of the war in Ukraine on European
economies and energy supply, as well as our facilities in France;
the impact of other regional conflicts including in the Middle
East; the impact of foreign currency fluctuations, increasing
interest rates, inflation, potential government shutdowns and
turmoil in the global banking and finance system; and the
performance and utility of our tests in the clinical environment.
Additional factors that may impact these forward-looking statements
can be found under the caption “Risk Factors” in our Annual Report
on Form 10-K filed on March 1, 2023, and our Quarterly Report on
Form 10-Q filed for the three months ended September 30, 2023,
filed on November 8, 2023. Copies of these documents, when
available, may be found in the Investors section of our website at
investor.veracyte.com. These forward-looking statements speak only
as of the date hereof and, except as required by law, we
specifically disclaim any obligation to update these
forward-looking statements or reasons why actual results might
differ, whether as a result of new information, future events or
otherwise. These forward-looking statements speak only as of the
date hereof and, except as required by law, we specifically
disclaim any obligation to update these forward-looking statements
or reasons why actual results might differ, whether as a result of
new information, future events or otherwise.
Veracyte, the Veracyte logo, and C2i Genomics are registered
trademarks of Veracyte, Inc., and its subsidiaries in the U.S. and
selected countries.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240206436508/en/
Investors: Shayla Gorman investors@veracyte.com
619-393-1545
Media: Tracy Morris media@veracyte.com 650-380-4413
Veracyte (NASDAQ:VCYT)
Historical Stock Chart
From Apr 2024 to May 2024
Veracyte (NASDAQ:VCYT)
Historical Stock Chart
From May 2023 to May 2024