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GeneDx has announced its intention to acquire Fabric Genomics, which allows it to advance in the field of genomic medicine with a focus on decentralised testing supported by centralised intelligence.
According to the agreement, GeneDx is set to pay Fabric Genomics an aggregate of up to $33m in cash at the time of closure, with the total amount potentially reaching $51m on meeting specific milestones.
Fabric Genomics' AI platform is said to have been instrumental in interpreting complex genetic disease cases, aiding in the diagnosis of patients across academic centres, research institutions, and health systems worldwide.
Health systems will be able to leverage GeneDx's centralised laboratory or conduct sequencing on-site, gaining access to the company's data resources via Fabric Genomics' AI-driven interpretation platform.
This approach aims to expedite the speed of diagnosing genetic conditions, benefiting individuals and minimising needless expenses for healthcare systems in the US and worldwide.
The deal is expected to enhance GeneDx's market reach, introducing several scalable revenue streams.
Fabric Genomics co-founder, president and CEO Martin Reese said: “Together, we’ll make genome interpretation faster, more scalable, and more impactful, enabling clinicians to deliver precise answers and care to patients worldwide.”
Fabric Genomics will work independently at the time of closure, focusing on its current operations and organic growth, with the added benefit of GeneDx's commercial backing in the US and worldwide.
GeneDx noted that the cloud-native platform of Fabric Genomics will enable it to offer centralised AI interpretation services while adhering to local regulations.
It is set to support various market strategies, such as enterprise software-as-a-service (SaaS), usage-based IaaS [infrastructure as a service], or integration within national lab networks.
The platform will also allow GeneDx to cater to diverse regions with customised commercial models, including Canada, Asia-Pacific (APAC), Latin America, Europe, the Middle East, and Africa (EMEA), and other markets.
The transaction has received unanimous approval from the company's board of directors and is anticipated to finalise in the second quarter of this year, pending fulfilment of closing conditions.
This February, GeneDX announced the launch of ultrarapid whole genome sequencing for neonatal and paediatric patients in intensive care units.
"GeneDx to enhance genomic medicine offerings with Fabric Genomics acquisition" was originally created and published by Medical Device Network, a GlobalData owned brand.