Fuels growth by enabling IVD test development and manufacturing for nCounter diagnostic platform
Expands scientific capabilities into immuno-oncology and broadens diagnostics scope to 8 of the 10 top cancers by U.S. incidence
SOUTH SAN FRANCISCO, Calif.--(BUSINESS WIRE)--Aug. 3, 2021--
Veracyte, Inc. (Nasdaq: VCYT) today announced the company has completed its acquisition of HalioDx to solidify its reach into global markets while expanding its scientific capabilities and diagnostics scope into 8 of the 10 top cancers as defined by U.S. incidence.
“This important acquisition is the culminating piece in a series of strategic initiatives and acquisitions that we believe will enable Veracyte to achieve our vision of improving outcomes for patients worldwide at every step of their journey,” said Marc Stapley, Veracyte’s chief executive officer. “HalioDx’s European manufacturing infrastructure and operations, along with the company’s immuno-oncology capabilities and best-in-class diagnostic products, have the potential to fuel our growth in cancer diagnostics. We look forward to welcoming the talented HalioDx team to the Veracyte family and working together to build a leading global diagnostics company.”
Bonnie Anderson, Veracyte’s executive chairwoman, led the acquisition of HalioDx. She will also drive the ongoing integration, including the transition of manufacturing operations to France, maximizing the combined global potential of each company’s cancer diagnostics technology platform and capabilities.
Transaction Details
Under the terms of the transaction, Veracyte acquired HalioDx for €260 million, consisting of approximately €147 million in cash and €113 million in stock. HalioDx has become a wholly-owned subsidiary of Veracyte.
About Veracyte
Veracyte (Nasdaq: VCYT) is a global genomic diagnostics company that improves patient care by providing answers to clinical questions, informing diagnosis and treatment decisions throughout the patient journey in cancer and other diseases. The company’s growing menu of genomic tests leverage advances in genomic science and technology, enabling patients to avoid risky, costly diagnostic procedures and quicken time to appropriate treatment. The company’s tests in lung cancer, prostate cancer, breast cancer, thyroid cancer, bladder cancer and idiopathic pulmonary fibrosis are available to patients, and its renal cancer and lymphoma subtyping tests are in development, the latter as a companion diagnostic. With Veracyte’s exclusive global license to a best-in-class diagnostics instrument platform, the company is positioned to deliver its tests to patients worldwide. 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, including, but not limited to, our statements related to our plans, objectives, expectations (financial and otherwise) or intentions with respect to the acquisition of HalioDx; and statements related to the expected benefits of the proposed transaction, including but not limited to, Veracyte’s ability to expand its revenue, global presence and leadership in cancer diagnosis, Veracyte tests’ ability to improve clinical care and patient outcomes, and the expansion of Veracyte’s test menu and total addressable market opportunity. Forward-looking statements can be identified by words such as: “appears,” "anticipate," "intend," "plan," "expect," "believe," "should," "may," "will," “positioned,” “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 Veracyte’s ability to successfully integrate the HalioDx business; the performance of Veracyte’s tests in the clinical environment; the retention of HalioDx employees; and risks inherent in the achievement of anticipated synergies and the timing thereof. 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 with the SEC on February 22, 2021, and in our Quarterly Report on Form 10-Q filed with the SEC on July 29, 2021. A copy of these documents can be found at the Investors section of our website at www.veracyte.com. These forward-looking statements speak only as of the date hereof and, except as required by law, 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.
Veracyte, the Veracyte logo, HalioDx, Decipher, Decipher GRID, Afirma, Percepta, Envisia, Prosigna, Lymphmark, “Know by Design” and “More about You” are registered trademarks of Veracyte, Inc. and its affiliates in the U.S. and selected countries. nCounter is the registered trademark of NanoString Technologies, Inc. in the U.S. and selected countries, and used by Veracyte under license. Immunoscore is the registered trademark of Inserm in the U.S. and selected countries, and is used by HalioDx under license.
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Investors:
Rebecca Chambers
Chief Financial Officer
Veracyte
rebecca.chambers@veracyte.com
Media:
Michele Parisi
For Veracyte
925-864-5028 (m)
mparisi@forwardhealthinc.com
Source: Veracyte