Medical genetic testing firm Invitae introduced Tuesday it had signed a definitive settlement to amass Ciitizen, a startup that helps customers entry and manage their well being information, for about $325 million.
The phrases of the deal embrace round $125 million in money and roughly 7,070,000 shares of Invitae frequent inventory. Invitae may even situation about $226 million restricted inventory models to new workers who be a part of the corporate as a part of the acquisition.
“Invitae is relentlessly pursuing a day when genetics is used routinely to enhance healthcare for billions of individuals across the globe. We consider combining Ciitizen’s state-of-the-art, clear and patient-consented platform with our applied sciences and companies will speed up our evolution right into a genome info firm that informs healthcare all through one’s life,” Invitae co-founder and CEO Sean George mentioned in an announcement.
“This is able to give us the flexibility to have interaction sufferers, create an revolutionary patient-centered information ecosystem and ship higher outcomes for everybody. Invitae views the acquisition of Ciitizen as an vital a part of its technique to be the trade chief throughout the genetic testing, software program and well being info expertise areas.”
WHY IT MATTERS
Invitae mentioned the acquisition would enable it to supply an easy-to-use hub for sufferers’ medical and genomic information.
“Genomics is at present a laboratory testing-based trade, however sooner or later it’ll look very very like an info trade. Growing an open-ended patient-centric platform of genomic, medical and reported outcomes creates a thriving and purposeful community that actually advances healthcare,” George mentioned in an announcement.
On a name with traders, Ciitizen founder and CEO Anil Sethi mentioned many sufferers battle to entry their well being information and should miss alternatives to hitch medical trials after they turn out to be unwell.
Sethi, who labored at Apple after his earlier startup Gliimpse was acquired, constructed the corporate after his sister died of breast most cancers in 2017. When he tried to entry his sister’s full medical report, he acquired a mass of pdfs with unstructured medical information.
“It’s tragic that in essentially the most superior healthcare system, due to a scarcity of connectivity, requirements and even private entry, there’s no approach for sufferers to completely arm themselves towards most cancers and different critical situations,” he mentioned.
THE LARGER TREND
Invitae acquired one other genomics firm, Genosity, in April. The corporate reported $116.3 million in income for the quarter ended June 30, in contrast with $46.2 million in the identical interval in 2020. Its preliminary internet loss was $129 million, in contrast with $166.4 million within the prior yr.