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Tempus AI to Acquire Ambry Genetics for $600 Million, Expanding Genetic Testing Capabilities

NextEdge Admin

05 Nov 2024

1 min 4 sec

Tempus AI has agreed to acquire Ambry Genetics, a genetic testing company, for $600 million—$375 million in cash and $225 million in Tempus shares. Ambry, which conducts hereditary cancer screening and currently serves as Tempus’s main reference lab for this category, will provide enhanced testing capabilities for inherited cancer risk. Tempus plans to partially fund the acquisition through a $300 million increase in short- and long-term debt. The deal also positions Tempus to expand into new fields, including pediatrics, rare diseases, immunology, women’s reproductive health, and cardiology. Tempus CEO Eric Lefkofsky highlighted Ambry’s revenue growth, which exceeds 25% annually, and its strong EBITDA and cash flow contributions.