Tempus AI announced on 20 July that it will acquire Personalis, a maker of tumour-informed cancer monitoring tests, for $16.25 per share in a transaction valuing the company at $1.5bn.
Why Tempus AI, Inc. is buying Personalis, Inc.
Tempus has commercialised Personalis's NeXT Personal minimal residual disease test since investing in the company in November 2023. It said combining the test with its multimodal data and AI platform would expand monitoring across the cancer care continuum in an MRD market it sizes at $20bn. Chief executive Eric Lefkofsky said clinical adoption and reimbursement momentum were building.
“MRD is a large and rapidly growing market with the potential to truly transform how cancer patients are monitored”
Deal terms and financing
The price is a 6% premium to the previous close and 28% to the unaffected 30-day VWAP. Personalis holders receive Tempus shares under a floating exchange ratio capped at 0.3356, and Tempus may pay up to half in cash from cash on hand and credit facilities.
Regulatory approvals and timing
Completion requires Personalis shareholder approval and regulatory clearances. Tempus filed its S-4 registration statement on 31 August and an amendment on 2 October; closing is expected in late 2026 or early 2027.
Market context
Personalis reported preliminary second-quarter revenue of $22.4m and 10,384 clinical tests, up 33% on the previous quarter. NeXT Personal has Medicare coverage in three indications.
