Veracyte announced its intent to acquire Israeli AI life sciences startup, C2i Genomics, to enhance their diagnostics capabilities with minimal residual disease (MRD) detection. The acquisition is valued at up to $95 million; $70 million in stock and $25 million in milestone payments.
C2i's innovative whole-genome MRD technology promises more precise and efficient cancer monitoring capabilities.
C2i Genomics enables rapid and efficient analysis from minimal blood samples, with a lead time of just two weeks. They also require less than a tube of blood.
With this acquisition, Veracyte hopes to offer comprehensive care throughout the cancer journey. The first application of C2i's technology will be in developing a muscle-invasive bladder cancer MRD test, utilizing Veracyte's urology channel and clear reimbursement pathways.
The transaction is expected to close in the first quarter of 2024.
The startup was founded in 2019 by Asaf Zviran, Boris Oklander, and Ezra Sofer. Their last funding round, $100 million Series B, brought their total funding to $113 million. Financial backers include Casdin Capital, Duquesne Family, Section 32, Silver Lake, LionBird, and NFX, among others.
