Veracyte To Acquire HalioDx For About 260 Mln Euros – Quick Facts
Veracyte, Inc. (VCYT) announced Tuesday it has agreed to acquire HalioDx in a transaction to further accelerate growth and strengthen Veracyte’s global leadership in cancer diagnostics.
The proposed deal will fuel growth by enabling IVD test development and manufacturing, deepening scientific capabilities and expanding cancer diagnostics scope to 8 of the 10 top cancers in the U.S.
HalioDx is an immuno-oncology diagnostics company providing oncologists and drug development organizations with first-in-class diagnostic products and services to guide cancer care and contribute to precision medicine.
At closing, Veracyte will pay approximately 260 million euros in total consideration to HalioDx security holders, consisting of approximately 147 million euros in cash and up to approximately 113 million euros in stock, subject to customary purchase price adjustments.
Upon the closing of the transaction, HalioDx will become a subsidiary of Veracyte. HalioDx’s operations and laboratories will remain in Marseille, France and Richmond, Virginia.
The transaction, which has been unanimously approved by Veracyte’s board of directors and fully supported by the HalioDx board of directors, is expected to close in the third fiscal quarter of 2021, subject to the satisfaction of customary closing conditions, including foreign investment approval in France.
Veracyte expects the acquisition of HalioDx to be accretive to its revenue growth in 2021 and to expand the near-term addressable markets for Veracyte’s current and pipeline tests.
Veracyte also expects the transaction to be strategically accretive to its gross margins once it transitions manufacturing of test kits to HalioDx for use on the nCounter Analysis System.
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