At-home diagnostic startup LetsGetChecked is diving into the genomics house 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 capable of leverage the facility of entire genome sequencing to launch a full lifecycle of customized healthcare, which has at all times been our aim,” Peter Foley, LetsGetChecked CEO and founder, wrote in an e mail to MobiHealthNews.
The brainchild of Harvard geneticist George Church, Veritas Genetics was launched with the aim of affordably sequencing the entire genome. Its companies additionally embrace complete genetic profiles and scientific reviews. In 2019, the corporate introduced that it might drop the worth of whole-genome sequencing to $599.
The service can also be capable of assist customers interpret their knowledge relating to service standing, danger evaluation, medically actionable situations, drug sensitivities, traits and wellness and ancestry.
Veritas Intercontinental is a spin-off of Veritas Genetics that is targeted on worldwide genomics choices.
“LetsGetChecked’s acquisition of Veritas Genetics and Veritas Intercontinental operations is predicted to shut within the first fiscal quarter of this yr,” Foley stated. “We’re targeted on guaranteeing there’s a seamless integration of the Veritas model at LetsGetChecked. Over the course of the following few months, we’ll launch a method that collectively serves our targets and core values to help 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.
“By means of 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 available on the market,” Foley stated in a press release.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s capabilities with LetsGetChecked’s scalable diagnostic and digital care infrastructure, we’re capable of flip complete genetic insights into sensible suggestions and way of life modifications, guided by scientific consultants.”
The corporate will begin rolling out the PGx panel to well being plans, employers and different purchasers, Foley informed MobiHealthNews, and by the tip of the yr 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 companies can be obtainable to B2B purchasers first and later to customers.
THE LARGER TREND
In June, LetsGetChecked scored $150 million in Series D funding. This introduced the corporate’s whole increase to a complete of $260 million.
The corporate has plenty of rivals within the at residence diagnostics house, together with Everlywell, Scanwell Health and Cue Health.
