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Guardant Health Completes Purchase of Guardant Health AMEA Joint Venture
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Rhea-AI Summary
Guardant Health (NASDAQ:GH) has acquired the remaining shares of Guardant Health AMEA, Inc. from SoftBank for approximately $177.8 million, achieving full operational control in the Asia, Middle East, and Africa regions. This strategic move allows Guardant Health to enhance its response to the significant cancer burden in these areas, where over half of the world's new cancer cases arise. The company aims to expedite the adoption of its blood tests, notably the Guardant360 CDx, following regulatory approval in Japan.
Positive
Acquisition boosts control over operations in key AMEA regions.
Ability to target the growing cancer burden more effectively.
Plans to expedite blood test adoption among healthcare providers.
Negative
None.
PALO ALTO, Calif.--(BUSINESS WIRE)--
Guardant Health, Inc. (NASDAQ:GH), a leading precision oncology company, today announced it has purchased the remaining shares of Guardant Health AMEA, Inc., held by SoftBank and its affiliates, giving the company full control over operations throughout the Asia, Middle East and Africa region.
More than half of the world’s estimated new cancer cases come from Asia, Middle East and Africa (AMEA).1 This acquisition will allow Guardant Health to directly address the growing cancer burden in the region by accelerating the adoption of the company’s blood tests and services used by healthcare providers to detect and manage cancer across all stages of the disease.
Guardant Health AMEA operations support 41 countries across the region. Near term, the company will prioritize bringing blood-based testing to healthcare providers and to patients with advanced cancer in Japan, where, in March 2022, the Japanese Ministry of Health, Labour and Welfare (MHLW) granted regulatory approval of Guardant360® CDx, a liquid biopsy test for tumor mutation profiling in patients with advanced solid tumors.
“By acquiring the remaining shares of Guardant Health AMEA, we can focus on creating a unified and centralized global organization that delivers on our promise to help conquer cancer and improve patient outcomes,” said Helmy Eltoukhy, Guardant Health chairman and co-CEO. “We believe our blood-based tests can play a significant role in helping address the growing incidence of cancer in the region, and we look forward to continuing to support patients facing cancer diagnoses as we expand our operations in these markets.”
In May 2018, Guardant Health and SoftBank Vision Fund established the Guardant Health AMEA joint venture to expand commercialization of Guardant Health's industry-leading liquid biopsy technology across the region. Under the terms of the parties’ joint venture agreement, Guardant Health paid approximately $177.8 million to acquire the Guardant Health AMEA equity interest held by SoftBank and its affiliates.
About Guardant Health
Guardant Health is a leading precision oncology company focused on helping conquer cancer globally through use of its proprietary tests, vast data sets and advanced analytics. The Guardant Health oncology platform leverages capabilities to drive commercial adoption, improve patient clinical outcomes and lower healthcare costs across all stages of the cancer care continuum. Guardant Health has commercially launched Guardant360®, Guardant360 CDx, Guardant360 TissueNext™, Guardant360 Response™ and GuardantOMNI® tests for advanced stage cancer patients, and Guardant Reveal™ for early-stage cancer patients. The Guardant Health screening portfolio, including the commercially launched Shield™ test, aims to address the needs of individuals eligible for cancer screening.For more information, visit guardanthealth.com and follow the company on LinkedIn and Twitter.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws, including statements regarding the potential utilities, values, benefits and advantages of Guardant Health’s liquid biopsy tests or assays, which involve risks and uncertainties that could cause the actual results to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are based on current expectations, forecasts and assumptions, and actual outcomes and results could differ materially from these statements due to a number of factors. These and additional risks and uncertainties that could affect Guardant Health’s financial and operating results and cause actual results to differ materially from those indicated by the forward-looking statements made in this press release include those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operation” and elsewhere in its Annual Report on Form 10-K for the year ended December 31, 2021 and in its other reports filed with the Securities and Exchange Commission. The forward-looking statements in this press release are based on information available to Guardant Health as of the date hereof, and Guardant Health disclaims any obligation to update any forward-looking statements provided to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. These forward-looking statements should not be relied upon as representing Guardant Health’s views as of any date subsequent to the date of this press release.
What did Guardant Health announce on the recent press release?
Guardant Health announced the acquisition of the remaining shares of Guardant Health AMEA, Inc. from SoftBank for approximately $177.8 million.
How will the acquisition impact Guardant Health's operations?
The acquisition allows Guardant Health to have full operational control in the Asia, Middle East, and Africa regions, enhancing their ability to address cancer management.
What is the significance of the AMEA region for Guardant Health?
The AMEA region accounts for more than half of the world's new cancer cases, making it a critical focus for Guardant Health's testing and services.
What are Guardant Health's plans for the Japanese market?
They plan to prioritize bringing blood-based testing to healthcare providers and patients with advanced cancer in Japan.
How much did Guardant Health pay for the acquisition?
Guardant Health paid approximately $177.8 million to acquire the remaining equity interest of Guardant Health AMEA.
