Invitae has entered into a definitive agreement to acquire ArcherDx and the move signals a major shift in the precision oncology landscape. The transaction, should all the milestones be met, is valued at $1.4 billion.
Boulder, CO-based ArcherDx is a genomic analysis company and was founded in 2013 and has between 101 and 250 employees according to an entry in crunchbase.com.
The combined company will Integrate germline testing, tumor profiling and liquid biopsy technologies and services in a single platform will enable precision approaches from diagnostic testing to therapy optimization and monitoring, expanding access to best-in-class personalized oncology.
“We believe that combining these two dynamic organizations instantly transforms the landscape,” Sean George, Ph.D., co-founder and CEO of Invitae, said during a Tuesday morning call with investors. “Clinicians can now look to one place for all of their molecular oncology needs regardless of where they practice.”
In a release, Jason Myers, president and CEO of ArcherDx said the company “was founded to democratize precision oncology with best-in-class products that are personal, actionable and available in local care settings. We see STRATAFIDE DX as a significant near-term value driver, currently under development for cancer therapy optimization, while PCM provides an exciting opportunity to transform cancer care through multiple monitoring applications. ArcherDX products, workflow, and powerful bioinformatics solutions provide an opportunity to advance precision oncology into regional and community settings and address an estimated $45 billion market opportunity. Together with Invitae, we look forward to expanding our impact beyond oncology, driving significant value through shared expertise to inform healthcare throughout life, globally."
ArcherDx was poised to go public through a $100 million IPO according to an S-1 registration statement filed June 5.
News of the deal caused Invitae shares to soar Tuesday. By the afternoon shares of NVTA were up by 9.58%.