Cancer Genetics completes $6.25M acquisition of Morrisville-based Gentris
07/22/2014 10:28 AM
07/22/2014 10:29 AM
Cancer Genetics, a publicly-traded New Jersey company, has completed its $6.25 million acquisition of Morrisville-based pharmacogenomics business Gentris Corp.
Gentris will continue operating in the Triangle and will receive a capital infusion for hiring and automation, Cancer Genetics said. The 40 employees at 13-year-old Gentris will become employees of Cancer Genetics with the exception of three departing executive officers.
Gentris owns a satellite laboratory in Shanghai that Cancer Genetics plans to expand.
The acquisition, first announced in June, closed on Monday. Cancer Genetics paid $3.25 million in cash, $1.5 million in stock, and could additionally pay up to $1.5 million in performance-based milestones.
Gentris specializes in pharmacogenomics, the science of assessing how drugs interact with a patient’s genetic profile. It’s an emerging science in cancer treatment, a medical roulette where patient reactions and toxic side-effects from specialty drugs can differ widely according to genetic differences.
Gentris works with drug developers to integrate phamacogenomics into clinical trials and identify patients most likely to benefit and least likely to experience adverse consequences from advanced drug therapies.
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