Agreement enabled by Veracyte acquisition of NanoString diagnostics assets for global expansion
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Jan. 8, 2020--
Veracyte (Nasdaq: VCYT) today announced a multi-year partnership with Acerta Pharma, the hematology research and development arm of AstraZeneca (LSE/STO/NYSE: AZN), to provide genomic information that will support the biopharmaceutical company’s development of oncology therapeutics. Financial and other terms of the collaboration were not disclosed.
The agreement marks Veracyte’s first biopharmaceutical partnership since the company announced its acquisition of the exclusive diagnostics rights to the NanoString nCounter® platform and genomic tests in breast cancer and lymphoma on December 3, 2019. That transaction positions Veracyte to expand globally using a distributed platform and comprehensive menu of advanced genomic tests.
“We are excited to partner with Acerta Pharma and AstraZeneca, global leaders whose innovative medicines are benefitting millions of patients worldwide,” said Bonnie H. Anderson, Veracyte’s chairman and chief executive officer. “This collaboration reflects the significant value we can bring to biopharmaceutical companies through our expanding global footprint, as well as our ability to potentially inform diagnosis and treatment decisions in new oncology indications.”
Veracyte (Nasdaq: VCYT) is a leading genomic diagnostics company that improves patient care by providing answers to clinical questions that inform diagnosis and treatment decisions without the need for costly, risky surgeries that are often unnecessary. The company's core products are uniquely developed with RNA whole-transcriptome sequencing and machine learning to deliver results that give patients and physicians a clear path forward. Since its founding in 2008, Veracyte has commercialized seven genomic tests and is transforming the diagnosis of thyroid cancer, lung cancer and idiopathic pulmonary fibrosis. In December 2019, Veracyte acquired the exclusive global diagnostics rights to the nCounter® platform from NanoString, Inc., through which it plans to make its genomic tests available to physicians and their patients worldwide. These include commercial and in-development tests in breast cancer and lymphoma, respectively, which Veracyte also acquired through the transaction. Veracyte is based in South San Francisco, California. 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" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will" and similar references to future periods. Examples of forward-looking statements include, among others, the ability of Veracyte to support Acerta’s development of oncology therapeutics, its ability to potentially inform diagnosis and treatment decisions in new oncology indications, and its ability to expand its platform globally. Forward-looking statements are neither historical facts nor assurances of future performance, but are based only on our current beliefs, expectations and assumptions. 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 achieve the expected benefits from the Acerta partnership; our ability to successfully develop genomic tests for use on the nCounter® system; our ability to achieve and maintain Medicare coverage for our tests; the benefits of our tests and the applicability of clinical results to actual outcomes; the laws and regulations applicable to our business, including potential regulation by the Food and Drug Administration or other regulatory bodies; our ability to successfully achieve and maintain adoption of and reimbursement for our products; the amount by which use of our products are able to reduce invasive procedures and misdiagnosis, and reduce healthcare costs; the occurrence and outcomes of clinical studies; and other risks set forth in our filings with the Securities and Exchange Commission, including the risks set forth in our quarterly report on Form 10-Q for the quarter ended September 30, 2019. These forward-looking statements speak only as of the date hereof and Veracyte specifically disclaims 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, except as required by law.
Veracyte, Afirma, Percepta, Envisia, nCounter® and the Veracyte logo are trademarks of Veracyte, Inc.
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Chief Operating Officer and Chief Financial Officer