Fulgent Genetics Announces Acquisition of CSI Laboratories
Summary
TEMPLE CITY, Calif.--(BUSINESS WIRE)--Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “Company”), a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health, today announced that it has acquired CSI Laboratories (“CSI”) to expand its presence in somatic molecular diagnostics and cancer testing. CSI offers more than 400 unique tests with a focus on oncology and capabilities across flow cytometry, cytogenetic analysis, fluorescence in-situ hybridization (“FISH”), immunohistochemistry, and molecular genetics. - Expansion into somatic genetic testing market, which is expected to grow to $16.8 billion by 2030 - Realize synergies by leveraging Fulgent’s best-in-class technology and Next Generation Sequencing (“NGS”) expertise in new oncology markets - Geographic expansion of CSI’s reach beyond the Southeastern part of the United States With the acquisition of CSI, Fulgent will significantly expand its capabilities in molecular diagnostics and oncologic testing. “We look forward to expanding our cancer testing capabilities on Fulgent’s genomic testing platform and continuing to differentiate ourselves through our expertise, high-quality results and high-touch service model that our clinicians and staff deliver on a daily basis.” Piper Sandler acted as the exclusive financial advisor and Mintz Levin, Cohn, Ferris, Glovsky and Popeo served as legal counsel to Fulgent Genetics, Inc. in connection with the transaction. CSI offers flow cytometry, cytogenetic analysis, fluorescence in-situ hybridization (FISH), immunohistochemistry, molecular genetics, next generation sequencing, and consultations to hematopathology and surgical pathology clients.