At-home diagnostic test provider LetsGetChecked agreed to acquire US-based genetic testing technology developer Veritas Genetics on Tuesday for an undisclosed sum, providing exits for pharmaceutical firms Eli Lilly and Jiangsu Simcere Pharmaceutical.
Spun out of Harvard University in 2014, Veritas offer sgenome and exome based genetic tests used to detect hereditary illnesses such as cancer and reproductive health conditions. LetsGetChecked is also buying Veritas Intercontinental which was spun off in 2018 to focus on markets outside the US.
The deal is expected to close in the first quarter of 2022 and will give LetsGetChecked genome sequencing capabilities, enabling it to include services such as cancer and carrier screening, pharmacogenomics and maternal-foetal testing.
Eli Lilly investment vehicle Lilly Ventures Asia, and Jiangsu Simcere Pharmaceutical took part in a $30m series B round for the company in 2016 that was led by Trustbridge Partners. It received $9.6m from life sciences holding company Philab Holdings Corp two years later.
LetsGetChecked itself raised $260m in a June 2021 series D round featuring genomics technology producer Illumina and healthcare services provider Optum, through their respective corporate venturing subsidiaries Illumina Ventures and Optum Ventures.
Peter Foley, LetsGetChecked’s chief executive, said: “Through these acquisitions, LetsGetChecked will leverage the power of whole-genome sequencing to launch a full lifecycle of personalised healthcare, delivering the most comprehensive health testing and care solution on the market.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s capabilities with LetsGetChecked’s scalable diagnostic and virtual care infrastructure, we are able to turn comprehensive genetic insights into practical recommendations and lifestyle changes, guided by clinical experts.”
