Veracyte announced that it has reached a definitive agreement to acquire C2i Genomics, Inc. a minimal residual disease (MRD) detection company, adding whole-genome MRD capabilities to its novel diagnostics platform and positioning Veracyte to expand its offerings along the cancer care continuum.
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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.
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Through its acquisition of C2i Genomics, Veracyte will be positioned to serve physicians and their patients further along the cancer care continuum, in combination with its portfolio of diagnostic and prognostic tests. Veracyte’s first application of C2i Genomics’ technology will be a muscle-invasive bladder cancer MRD test, where it 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.
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“MRD detection and monitoring is a large, rapidly growing space that provides critical information to physicians and their patients. The expected acquisition of C2i Genomics will enable us to expand our role across the cancer care continuum to help monitor the success of a therapeutic or surgical intervention, and determine the best course of action for each patient,” said Mr. Stapley. “We believe that C2i Genomics’ whole-genome technology will enable earlier detection of MRD and recurrence than imaging and other molecular tests, resulting in better patient outcomes, with faster results and smaller sample requirements. This will further fuel our vision to transform cancer care for patients all over the world.”
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“Our vision has been to provide clinicians with deeper insight into their patients’ cancer so that we can help improve treatment outcomes worldwide,” said Ezra Sofer, chief executive officer and cofounder of C2i Genomics. “Our goal since the inception of the company has been to introduce our robust solution into the clinic. I’m incredibly proud of the progress our team has made and believe that Veracyte, with its strong presence in multiple cancer indications and its powerful commercialization capabilities, will accelerate this vision into a reality.”
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About Veracyte
Veracyte 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.
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About C2i Genomics
C2i Genomics was formally founded in 2019 and is based on technology developed at Cornell and the New York Genome Center. We are backed by top tier VCs. C2i Genomics is the first company to develop the most comprehensive whole-genome monitoring of cancer recurrence and progression by analyzing subtle changes in the pattern of the tumor’s DNA.
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