Exact Sciences to Acquire Ashion Analytics and Enter Research Collaboration with City of Hope's Genomics Institute, TGen
Exact Sciences Corp. (Nasdaq: EXAS) announced its acquisition of Ashion Analytics from The Translational Genomics Research Institute (TGen). Ashion, a CLIA-certified sequencing lab, will enhance Exact's precision oncology portfolio, particularly in minimal residual disease (MRD) testing. The acquisition includes a 10-year research collaboration with TGen and City of Hope to develop advanced MRD testing. This partnership aims to expedite bringing innovative genomic solutions to cancer treatment, leveraging Ashion's expertise and TARDIS technology.
- Acquisition of Ashion Analytics strengthens Exact Sciences' precision oncology capabilities.
- The collaboration with TGen and City of Hope enhances research and clinical development in cancer diagnostics.
- Integration of TARDIS technology may improve MRD testing outcomes.
- Transaction is subject to customary closing conditions and regulatory approvals, introducing uncertainty.
- No immediate financial metrics provided to gauge the acquisition's impact on revenue or costs.
MADISON, Wis., Feb. 16, 2021 /PRNewswire/ -- Exact Sciences Corp. (Nasdaq: EXAS) today announced that it has entered into an agreement to acquire Ashion Analytics, LLC (Ashion) from The Translational Genomics Research Institute (TGen), an affiliate of City of Hope. Ashion is a CLIA-certified and CAP-accredited sequencing lab based in Phoenix, Arizona with the genomics testing capabilities necessary to address the increasingly complex needs of clinical, academic, and biopharma customers focused on precision cancer treatments. The team at Ashion will help accelerate the development of Exact Sciences' precision oncology portfolio, including minimal residual disease (MRD) and other sequencing-based tests.
This acquisition will build upon the recent license of the TARDIS technology from TGen and strengthen the relationship between the institutions through a planned 10-year research collaboration. TARDIS is a highly sensitive, patient-specific liquid biopsy-based test that can detect small amounts of tumor DNA in blood for use in MRD testing.
"Exact Sciences continues to strengthen the robust foundation established for Oncotype to lead precision oncology," said Kevin Conroy, chairman and CEO of Exact Sciences. "We're excited to work with Ashion to bring the TARDIS technology to patients faster and continue to develop advancements in MRD testing. We're thrilled to collaborate with TGen and City of Hope, complementing our relationships with other world-renowned cancer research leaders including Mayo Clinic and Johns Hopkins University."
Ashion leverages the genetic information from a patient's tumor and normal genomes to provide industry-leading oncology solutions. Ashion developed GEM ExTra®, one of the most comprehensive genomic cancer tests available, and provides access to whole exome, matched germline, and transcriptome sequencing capabilities. The team at Ashion will be instrumental in incorporating the TARDIS technology into Exact Sciences' MRD test development.
Under the agreement, Exact Sciences would also enter a 10-year collaboration, bringing in the expertise of TGen and City of Hope, to develop differentiated MRD testing capabilities for patients and establish the clinical evidence necessary to drive adoption.
"This will be a groundbreaking research collaboration for TGen and City of Hope, as we continue to advance important scientific innovations and transformative treatment approaches for cancer care," said Robert Stone, president and CEO of City of Hope. "On the heels of our recent licensing agreement for our proprietary TARDIS technology, Exact Sciences is an ideal partner for this new collaboration, which aims to provide more information to physicians and their patients worldwide when diagnosing and treating cancer."
"TGen scientists have been at the forefront of the convergence of science and technology to accelerate cancer innovation, leading to the launch of Ashion and its flagship test GEM ExTra," said Jeffrey M. Trent, Ph.D., TGen president and research director. "The research collaboration with Exact Sciences allows us to work alongside an industry leader in cancer diagnostics to help ensure future breakthroughs and technology developments will bring greater benefit to more patients at a faster pace."
TGen became a part of City of Hope in 2016 to accelerate the speed at which scientists and medical staff convert research discoveries into cures for patients. City of Hope is a National Cancer Institute-designated comprehensive cancer center and a founding member of the National Comprehensive Cancer Network, making it a national leader in advancing research and treatment protocols.
Additional Information
The transaction is subject to customary closing conditions and regulatory approvals and is anticipated to close during the second quarter of 2021. XMS Capital is serving as financial advisor to Exact Sciences, and K&L Gates is serving as legal advisor. Citi is serving as financial advisor to TGen and City of Hope, and Jennings, Strouss & Salmon, P.L.C. is serving as legal advisor.
About Ashion Analytics
Ashion Analytics is a clinical genomics testing company dedicated to accelerating the use of genomic information to help doctors provide patients with the right treatment for their disease. Our team consists of internationally recognized doctors and scientists whose innovations in clinical genomics helped launch the field of precision medicine. Ashion provides industry-leading next-generation clinical decision support approaches that leverage the genetic information from a patient's tumor and normal genomes.
About TGen, an affiliate of City of Hope
Translational Genomics Research Institute (TGen) is a Phoenix, Arizona-based nonprofit organization dedicated to conducting groundbreaking research with life-changing results. TGen is affiliated with City of Hope, a world-renowned independent research and treatment center for cancer, diabetes and other life-threatening diseases: CityofHope.org. This precision medicine affiliation between City of Hope and TGen enables both institutes to complement each other in research and patient care, with City of Hope providing a significant clinical setting to advance scientific discoveries made by TGen. TGen is focused on helping patients with neurological disorders, cancer, diabetes and infectious diseases through cutting-edge translational research (the process of rapidly moving research toward patient benefit). TGen physicians and scientists work to unravel the genetic components of both common and complex rare diseases in adults and children. Working with collaborators in the scientific and medical communities worldwide, TGen makes a substantial contribution to help our patients through efficiency and effectiveness of the translational process. For more information, visit: tgen.org. Follow TGen on Facebook, LinkedIn and Twitter @TGen.
About City of Hope
City of Hope is an independent biomedical research and treatment center for cancer, diabetes and other life-threatening diseases. Founded in 1913, City of Hope is a leader in bone marrow transplantation and immunotherapy such as CAR T cell therapy. City of Hope's translational research and personalized treatment protocols advance care throughout the world. Human synthetic insulin, monoclonal antibodies, and numerous breakthrough cancer drugs are based on technology developed at the institution. Translational Genomics Research Institute (TGen) became a part of City of Hope in 2016. AccessHopeTM, a wholly owned subsidiary, was launched in 2019, dedicated to serving employers and their health care partners by providing access to City of Hope's exceptional cancer expertise. A National Cancer Institute-designated comprehensive cancer center and a founding member of the National Comprehensive Cancer Network, City of Hope is ranked among the nation's "Best Hospitals" in cancer by U.S. News & World Report. Its main campus is located near Los Angeles, with additional locations throughout Southern California and in Arizona. For more information about City of Hope, follow us on Facebook, Twitter, YouTube or Instagram.
About Exact Sciences Corp.
A leading provider of cancer screening and diagnostic tests, Exact Sciences relentlessly pursues smarter solutions providing the clarity to take life-changing action, earlier. Building on the success of Cologuard and Oncotype DX, Exact Sciences is investing in its product pipeline to take on some of the deadliest cancers and improve patient care. Exact Sciences unites visionary collaborators to help advance the fight against cancer. For more information, please visit the company's website at www.ExactSciences.com, follow Exact Sciences on Twitter @ExactSciences, or find Exact Sciences on Facebook.
Forward-Looking Statement
This news release contains forward-looking statements concerning our expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on assumptions that we have made as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions and events to differ materially from those anticipated. You should not place undue reliance on forward-looking statements. There can be no assurance that (i) we will be able to complete the acquisition of Ashion, or any of the other transactions contemplated by the acquisition agreement, (ii) we will be able to realize the anticipated benefit from the acquisition of Ashion or (iii) we will be able to successfully develop or commercialize any products or services utilizing TARDIS or any of the collaboration efforts with TGen or City of Hope. Risks and uncertainties that may affect our forward-looking statements are described in the Risk Factors sections of our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q, and in our other reports filed with the Securities and Exchange Commission. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Exact Sciences Contacts
Investor Relations:
Megan Jones
meganjones@exactsciences.com
608-535-8815
Media:
Steph Spanos
sspanos@exactsciences.com
608-556-4380
City of Hope, TGen Media Contacts:
City of Hope
media@coh.org
800-888-5323
Steve Yozwiak
syozwiak@tgen.org
602-343-8704
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