Morrisville-based Gentris Corp. being acquired for $4.75M
06/23/2014 1:32 PM
06/23/2014 1:34 PM
Gentris Corp., a Morrisville-based company that provides applied clinical pharmacogenomics, is being acquired for $4.75 million by Cancer Genetics.
Cancer Genetics is a publicly traded company based in Rutherford, N.J. The deal, which is expected to close in the third quarter, is being treated as an asset purchase.
Cancer Genetics is paying $3.25 million in cash and $1.5 million in stock, as well as performance-based milestones that could total up to $1.5 million.
In addition to its offices in Morrsiville, Gentris has a satellite lab in Shanghai, China. The company’s 40 employees will all join Cancer Genetics.
Pharmacogenomics is technology that analyzes how a person’s genetic makeup affects how that person responds to drugs. Cancer Genetics specializes in DNA-based cancer diagnostics.
The deal is expected to allow Cancer Genetics to combine its genomic-based tests for cancer with Gentris’ personalized medications.
“By combining our expertise with Cancer Genetics, we expand the opportunity to service the large, global pharmaceutical companies that already are our customers and also bring together the analysis of somatic and germline genetic changes that drive cancer growth and treatment response,” said Tim Gupton, chairman of Gentris board of directors, said in a statement.
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