Date: 11th March 2020
Invitae Corporation, a leader in advanced medical genetics based in San Francisco, US, was founded with a singular mission: “to make genetic information affordable and accessible to everyone who can benefit from it.”
Yesterday, they announced the acquisition of Diploid, a privately held Belgian company that developed Moon, artificial intelligence (AI) software capable of diagnosing genetic disorders in minutes based on next-generation sequencing data and patient information.
Geneticists can upload next generation sequencing data, enter a patient’s symptoms and age of onset, and the causal variants are suggested by Moon within minutes.
The innovative software package, powered by AI, uses a proprietary gene-disorder model, and is continuously updated using a genetic evidence database. Autonomous diagnose from next generation sequencing data can diagnose rare disease in minutes, making Moon instrumental; particularly in caring for critically ill patients.
This acquisition therefore gives access to capabilities that will enable Invitae to quickly and efficiently turn large amounts of genetic and phenotypic data into actionable reports for patients and clinicians. Under the definitive agreement, Invitae will acquire Diploid for approximately $95 million, consisting of $32 million in cash and $63 million in common stock.
Invitae also announced they are to acquire YouScript and Genelex to make it easier to use pharmacogenetic information at point-of-care.
YouScript, based in Seattle, US, is a provider of clinical decision support analytics software for pharmacists and healthcare organisations. Their mission to eliminate avoidable adverse drug events.
Genelex, also based in Seattle, US, is a leader in genetic testing and molecular diagnostics with a special focus on pharmacogenetics. Pharmacogenetic testing evaluates genetic variations that can impact how an individual responds to prescription medication.
The move will give Invitae access to best-in-class pharmacogenetic testing, and robust, integrated clinical decision support software.
Under the definitive agreements, Invitae will acquire YouScript for approximately $79.3 million, consisting of $25 million in cash and the remainder in shares of common stock, and Invitae will acquire Genelex for approximately $20.7 million in upfront shares of common stock plus additional shares of common stock in the event that certain milestones are achieved. The acquisitions are expected to close in the coming weeks, pending customary closing conditions.