Labcorp announced that it has closed its acquisition of Personal Genome Diagnostics (PGDx).
PGDx has a portfolio of comprehensive liquid biopsy and tissue-based products. “The addition of PGDx and its technology complements and accelerates Labcorp’s existing liquid biopsy capabilities and expands Labcorp’s leading oncology portfolio of next-generation sequencing (NGS)-based genomic profiling capabilities, positioning Labcorp at the forefront of driving better patient outcomes in oncology,” Labcorp said in a news release.
The definitive agreement for the transaction was announced on December 23, 2021. PGDx was founded in 2010 by researchers from Johns Hopkins University.
The PGDx portfolio includes the PGDx elio, which is a tissue complete test that enables rapid and actionable genomic insights for patients with advanced cancer. The test kit generates results in 4 – 5 days, compared with as many as 30 days for tests sent out to reference or specialty labs. The test covers 500+ solid tumor-related genes, with easy-to-interpret reports clearly highlighting genetic alterations that could impact care decisions.
In January, PGDx announced that the Centers for Medicare & Medicaid Services (CMS) finalized a national reimbursement rate of $2,919.60 for PGDx elio tissue complete.