Exact Sciences, a provider of cancer screening and diagnostic tests, has acquired PreventionGenetics in a deal valued at around $190m.
The deal consists of 50% in Exact Sciences common stock and 50% in cash.
PreventionGenetics is a genetic testing laboratory that offers the clinical lab, expertise and foundational technology to boost access to hereditary cancer testing (HCT) to help patients to assess their germline risk of cancer and other diseases.
The CLIA-certified and CAP-accredited clinical DNA testing laboratory offers over 5,000 predefined genetic tests for approximately all clinically relevant genes and additional custom panels.
Exact Sciences chairman and CEO Kevin Conroy said: “We share in PreventionGenetics’ belief that genetics can transform medicine, improve lives, and help eradicate cancer.
“With our deep relationships in primary care and PreventionGenetics’ strong reputation among genetics specialists, Exact Sciences can help more people understand their inherited risk of cancer to catch it earlier and treat it more effectively.”
PreventionGenetics offers comprehensive germline whole genome sequencing test called PGnome and whole exome sequencing test known as PGxome.
Exact Sciences’ Cologuard and Oncotype DX tests are used by more than 300,000 health care providers in primary care, women’s health, oncology, and other specialties.
Exact Sciences, in collaboration with PreventionGenetics team, aims to leverage its commercial presence in diagnostics and expand hereditary cancer and genetic testing across the US and globally.
XMS Capital acted as financial advisor to Exact Sciences on the transaction, while K&L Gates served as its legal advisor. CrossTree Capital acted as financial advisor to PreventionGenetics, while Winston & Strawn served as legal advisor.
