At-home diagnostic startup LetsGetChecked is diving into the genomics area with the acquisition of Veritas Genetics and Veritas Intercontinental for an undisclosed sum.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s genetics providing with our scalable digital care infrastructure, we’re in a position to leverage the facility of entire genome sequencing to launch a full lifecycle of customized healthcare, which has at all times been our objective,” Peter Foley, LetsGetChecked CEO and founder, wrote in an electronic mail to MobiHealthNews.
The brainchild of Harvard geneticist George Church, Veritas Genetics was launched with the objective of affordably sequencing the entire genome. Its providers additionally embrace complete genetic profiles and scientific stories. In 2019, the corporate introduced that it might drop the worth of whole-genome sequencing to $599.
The service can be in a position to assist customers interpret their information concerning service standing, danger evaluation, medically actionable circumstances, drug sensitivities, traits and wellness and ancestry.
Veritas Intercontinental is a spin-off of Veritas Genetics that is centered on worldwide genomics choices.
“LetsGetChecked’s acquisition of Veritas Genetics and Veritas Intercontinental operations is anticipated to shut within the first fiscal quarter of this 12 months,” Foley stated. “We’re centered on making certain there’s a seamless integration of the Veritas model at LetsGetChecked. Over the course of the subsequent few months, we’ll launch a technique that collectively serves our objectives and core values to assist a brand new cohesive entire.”
WHY IT MATTERS
Past the added entire genome sequencing capabilities, the acquisition opens the door for panel checks like pharmacogenomics, most cancers and service screenings, and maternal-fetal testing.
“Via these acquisitions, LetsGetChecked will leverage the facility of whole-genome sequencing to launch a full life cycle of customized healthcare, delivering essentially the most complete well being testing and care answer in the marketplace,” Foley stated in an announcement.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s capabilities with LetsGetChecked’s scalable diagnostic and digital care infrastructure, we’re in a position to flip complete genetic insights into sensible suggestions and way of life adjustments, guided by scientific consultants.”
The corporate will begin rolling out the PGx panel to well being plans, employers and different shoppers, Foley informed MobiHealthNews, and by the tip of the 12 months the corporate will launch the whole-genome sequencing panel.
Foley stated that the M&A will play into the corporate’s B2B and D2C technique. He famous that the genomics providers can be out there to B2B shoppers first and later to shoppers.
THE LARGER TREND
In June, LetsGetChecked scored $150 million in Collection D funding. This introduced the corporate’s whole elevate to a complete of $260 million.