Irish tech unicorn LetsGetChecked is to acquire a US-headquartered genome sequencing company and its international subsidiary for an undisclosed sum.
The move comes just weeks after LetsGetChecked and Atlanta-based firm BioIQ agreed to dismiss a lawsuit in a US court related to a row over a planned merger.
Veritas Genetics is LetsGetChecked's second proposed acquisition. It was co-founded in 2014 by Dr George Church, a pioneer in genomics from Harvard Medical School and MIT. The company provides whole-genome sequencing at an affordable price. Veritas Intercontinental, which was founded in 2018 as a spin-off, is also being acquired.
The deal gives give LetsGetChecked access to whole-genome sequencing as well as targeted panels and tests such as pharmacogenomics, cancer screening, carrier screening and maternal-foetal testing.
LetsGetChecked said it would add these capabilities to its existing diagnostic testing solutions to provide a portfolio that offers everything from prenatal screening to predictive medicine.
Capabilities
"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," said chief executive Peter Foley.
LetsGetChecked is an at-home testing company founded by Mr Foley in 2015. Employing over 230 people, the Dublin-headquartered firm has shipped over three million tests to customers globally covering health and wellness indicators such as cholesterol, a thyroid test, men’s and women’s health tests, along with sexual health tests and Covid-19 swabs.
The company achieved unicorn status last year – a valuation of $1billion-plus – after raising $150 million in a Series D funding round.
LetsGetChecked announced a deal to acquire BioIQ, an analytics-driven occupation health and testing platform in November. However, BioIQ filed a lawsuit against the Irish company two months later accusing it of trying to back out of the merger. The two sides recently agreed to the action being dismissed with each party bearing their own fees, costs and expenses.
