Veracyte Inc VCYT:NASDAQ

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Veracyte Buys NanoString nCounter Platform for Diagnostic Use for $50 Million in Cash and Stock Deal

5:16PM ET 12/03/2019 MT Newswires
Veracyte (VCYT) said on Tuesday it has acquired an exclusive global license to NanoString's (NSTG) nCounter platform for diagnostic use to expand its genomic diagnostics business for $40 million in cash and $10 million in stock.

The company said it expects to begin offering its Envisia classifier, for use in idiopathic pulmonary fibrosis diagnosis, to customers in 2021 as a kit-based test that runs on the nCounter system. As part of the deal, Veracyte also acquired NanoString Prosigna breast cancer prognostic test and in-development LymphMark lymphoma subtyping assay to expand its oncology portfolio.

Veracyte said it expects to realize a modest revenue contribution through the transaction of $6 million to $8 million in 2020, with a neutral impact to cash flow from the current business.

Price: 26.26, Change: -0.93, Percent Change: -3.54