Labcorp Acquires Personal Liquid Biopsy Services Provider Genome Diagnostics.
MANews-(C)2009-2021
US-based life sciences company Labcorp (NYSE: LH) has entered into a definitive agreement to acquire cancer genomics company Personal Genome Diagnostics Inc., and its portfolio of comprehensive liquid biopsy and tissue-based products, the company said.
The addition of PGDx and its technology complements and accelerates Labcorp's existing liquid biopsy capabilities and expands Labcorp's oncology portfolio of next-generation sequencing -based genomic profiling capabilities, positioning Labcorp at the forefront of driving better patient outcomes in oncology.
PGDx enhances Labcorp's ability to increase access to oncology care in the global community through kitted solutions that allow hospital systems and laboratories to run these tests internally, bringing precision diagnostics closer to the patient and helping close a common gap in the delivery of cancer care.
Labcorp's global reach also provides the opportunity to bring this technology to pharmaceutical companies for clinical trial research to advance cancer treatments, potentially impacting clinical outcomes in millions of people with cancer.
Under the terms of the agreement, Labcorp will pay USD 450m in cash at closing and up to an additional USD 125m on achieving future performance milestones.
PGDx's centralized and decentralized offerings will enhance the scalability of the technology and support long-term growth across Labcorp's oncology portfolio, while also enabling Labcorp to seamlessly offer oncology testing at every stage of care.
PGDx offers the only diagnostic kit cleared by the US Food and Drug Administration for pan-solid cancer comprehensive tumor profiling using a 500+ gene panel.
Next-generation sequencing, including liquid biopsy, represents the future of treatment and...
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