PGDx, a cancer genomics firm developed by Johns Hopkins researchers and based in Baltimore for the past decade, was bought by life sciences company Labcorp on Thursday. Labcorp will pay $450 million in cash at closure in the first half of 2022, with the possibility of an additional $125 million dependent on subsequent performance goals.
According to a representative for Labcorp, the two firms will continue to function independently until the purchase is finalised, which is expected by the end of Q2.PGDx was founded in 2010 by two pioneering cancer experts, Dr. Luis Diaz and Dr. Victor Velculescu, with the goal of increasing access to cancer genomic-level examinations.
The company, which specialises in next-generation sequencing technology, has a range of tools that can screen for cancer from a solid sample as well as a blood sample, a field known as liquid biospy. It’s one of a new generation of startups aiming to develop novel tools that will give doctors and patients more specific information to help them decide on the best cancer treatment.