Personal Genome Diagnostics Acquisition, Valuation, Funding & Investors

Personal Genome Diagnostics was acquired by Labcorp for $575M in December 2021, a 26.1x multiple on $22M of revenue.

Personal Genome Diagnostics acquisition price

$575M

Acquired by Labcorp · Dec 2021

Personal Genome Diagnostics revenue at acquisition

$22M

Last twelve months · Dec 2021

Personal Genome Diagnostics revenue multiple at acquisition

26.1x

EV/Revenue · Dec 2021

Cumulative funding Personal Genome Diagnostics raised

$244M

across 5 funding rounds

Personal Genome Diagnostics Overview

About Personal Genome Diagnostics

Personal Genome Diagnostics is a Baltimore-headquartered precision oncology company founded in 2010 that analyzes cancer genomes using whole-exome sequencing and liquid biopsy technologies. Its Elio tissue and plasma tests detect tumor mutations for therapy selection, serving oncologists worldwide. Acquired by Labcorp in 2021, PGDx processes samples with proprietary algorithms identifying alterations in complex genomes from solid tumors and blood-based assays.


Founded

2010

HQ

United StatesBaltimore, MD

Status

Acquired

Customer focus

B2B

Revenue model

Services

Revenue

$22M (Dec 2021)

Valuation

$575M (acquired Dec 2021)

Personal Genome Diagnostics Acquisition

Personal Genome Diagnostics was acquired by Labcorp for $575M on 23 December 2021.

The acquisition price implies a 26.1x revenue multiple on $22M of revenue.

Before the acquisition Personal Genome Diagnostics had raised $244M across 5 funding rounds.

Personal Genome Diagnostics (PGDx), a Maryland-based cancer genomics company, develops liquid biopsy and tissue-based products for genomic cancer testing, including pan-solid tumor profiling kits and the FDA-cleared PGDx elio tissue complete test covered by Medicare. Labcorp, a global life sciences firm providing diagnostic testing and drug development tools, acquired PGDx to enhance its next-generation sequencing-based genomic profiling and liquid biopsy capabilities, complementing its oncology portfolio and supporting clinical trials for cancer treatments. The deal, announced in December 2021 and closed on February 18, 2022, is valued at $575 million, comprising a $450 million upfront cash payment and up to $125 million in contingent milestone payments, in an all-cash transaction for 100% of the company. PGDx expected revenues of $22 million in 2021, growing to $40 million in 2022, with the purchase price equating to 14.4 times the 2022 projected revenue. The acquisition aligns with the expanding global cancer genomics market, projected to reach $66.6 billion by 2027 at a 16.2% CAGR, driven by rising cancer incidence and genome sequencing advancements.

Personal Genome Diagnostics acquisition details
AcquirerDateTypePriceEV/Revenue
23 Dec 2021Strategic M&A$575M26.1x

Personal Genome Diagnostics Funding History

Personal Genome Diagnostics has raised a total of $244M across 5 funding rounds.

Personal Genome Diagnostics' first fundraising round was a $3M angel round in April 2014. The most recent completed round was a $103M Series C in February 2021.

Personal Genome Diagnostics funding rounds

Personal Genome Diagnostics funding rounds
DateStageInvestorsRaisedDeal Summary
Feb 2021Series CCowen Healthcare Investments (lead); Northpond Ventures; Kern Capital; Innovatus Capital Partners; New Enterprise Associates; Vensana Capital; Sands Capital Ventures; PFM Health Sciences; Catalio Capital Management; Rock Springs Capital; Windham Venture Partners$103MPersonal Genome Diagnostics (PGDx), a Baltimore-based leader in cancer genomics, closed a $103 million Series C financing round on February 10, 2021, led by Cowen Healthcare Investments with participation from Northpond Ventures, Vensana Capital, Rock Springs Capital, Kern Capital, Sands Capital, PFM Health Sciences, Windham Venture Partners, New Enterprise Associates, Innovatus Capital Partners, Catalio Capital Management, and others. The funding will support expansion of its tissue-based and liquid biopsy portfolio, including the elio™ oncology products, and grow its global commercial footprint and pharma/biotech partnerships for biomarker-driven therapy development. Kevin Raidy from Cowen and Lily Li from Northpond joined the board concurrent with the financing. PGDx had achieved key milestones prior to the round, including FDA clearance in April 2020 for PGDx elio™ tissue complete, the first diagnostic kit for comprehensive genomic profiling usable by any U.S. laboratory, along with positive Medicare coverage and strategic partnerships. The company focuses on enabling precision medicine through patient-specific cancer genome analysis using advanced tools. Co-founder Luis Diaz highlighted the funding's role in commercializing a decade of cancer diagnostics development.
Oct 2018Undisclosed stageInnovatus Capital Partners (lead)$42MPersonal Genome Diagnostics (PGDx), founded in 2010 by Johns Hopkins researchers Luis Diaz and Victor Velculescu, develops tissue-based and liquid biopsy technologies for cancer genomics, using high-throughput next-generation sequencing and proprietary algorithms to identify cancer genome alterations. The company offers a diversified business model with proprietary technology, bioinformatics, and a comprehensive genetic library, focusing on personalized diagnostics for cancer patients. On October 4, 2018, Innovatus Capital Partners announced a financing agreement to provide up to $42 million to PGDx to support its initiative to develop and commercialize regulated in vitro diagnostic (IVD) genome testing kits for worldwide use by physicians and labs, enabling tailored cancer treatments. Innovatus, managing $1.6 billion in assets, highlighted PGDx's innovative diagnostic solutions. PGDx CEO Douglas Ward noted Innovatus's life sciences expertise as ideal for expanding access to cancer genomics. This followed a $75 million Series B round earlier in 2018 co-led by Bristol-Myers Squibb and NEA, with additional participation from Helsinn Investment Fund and Inova Strategic Investments. PGDx, headquartered in Baltimore with offices in Canton and Brewers Hill, had received a FDA breakthrough device designation for a liquid biopsy test that year. Later, in 2021, PGDx closed a $103 million Series C led by Cowen Healthcare Investments, with Innovatus and others participating, bringing total funding to $244 million to advance its elio platform and decentralized tumor profiling.
Jan 2018Series BBristol-Myers Squibb (lead); New Enterprise Associates (lead); Maryland Venture Fund; 3B Future Health Fund; Inova Strategic Investments; Windham Venture Partners; Co-win Healthcare Fund$75MPersonal Genome Diagnostics (PGDx), a Baltimore-based cancer genomics company, closed a $75 million Series B funding round in early 2018, co-led by Bristol-Myers Squibb and New Enterprise Associates, with participation from investors including Co-win Healthcare Fund, Inova Strategic Investments, Maryland Venture Fund, and Windham Venture Partners. The funds were intended to support PGDx's initiative to develop and bring regulated in vitro diagnostic (IVD) genomic tests to cancer patients worldwide. Prior rounds included a $21.4 million Series A in 2015 and a $2.8 million seed in 2014. The company continued raising capital post-2018, including a $42 million investment and later a $103 million Series C in 2020-2021 led by Cowen Healthcare Investments with investors like Northpond Ventures and New Enterprise Associates. PGDx focused on comprehensive genomic profiling, achieving FDA clearance for its elio tissue complete kit in 2020 and securing Medicare coverage. The acquisition aimed to expand access to PGDx's next-generation sequencing products for oncology diagnostics and clinical trials.
Oct 2015Series ANew Enterprise Associates (lead); Windham Venture Partners; Nanjing Kaiyuan Growth Capital Investments$21MPersonal Genome Diagnostics (PGDx), a Baltimore-based company founded in 2010 by Johns Hopkins cancer researchers Luis Diaz and Victor Velculescu, develops advanced cancer genome testing products and services, including comprehensive oncology genomic analysis with whole genome sequencing, pan-cancer panels, targeted panels, single gene analysis in tissue and liquid biopsies, and custom approaches for target discovery and companion diagnostics. In October 2015, PGDx raised $21.4 million in a Series A funding round led by New Enterprise Associates, with participation from Windham Venture Partners and Nanjing Kaiyuan Growth Capital Investments. The funding supported expansion of commercial genomic oncology testing services and operations, including more than doubling its Baltimore facility from 11,000 to 25,000 square feet in 2016 to accommodate growth, at which time the company had about 63 employees. Prior to the Series A, PGDx was bootstrapped until 2014 when it raised $2.8 million in seed capital to scale its liquid biopsy and tissue sequencing technology. NEA partner Dr. Justin Klein joined the PGDx board following the investment, highlighting the company's best-in-class science, clinical insight, and innovative business model in oncology diagnostics. Subsequent developments included a $75 million Series B in 2018 co-led by Bristol-Myers Squibb and NEA, a $42 million investment that year, a $103 million Series C in 2022 led by Cowen Healthcare Investments, and an acquisition by Labcorp in 2022 for $450 million upfront plus up to $125 million in milestones, with 2021 revenue of approximately $22 million expected to grow to $40 million in 2022.
Apr 2014Angel-$3MPersonal Genome Diagnostics, a Johns Hopkins spinout founded in 2010 by cancer researchers Victor Velculescu and Luis Diaz, raised $2.8 million in a seed round in 2014. The company focuses on genome analysis for cancer patients, offering products for sequencing genomes and detecting alterations in tumors. PGDx develops tissue-based and liquid biopsy technologies for cancer genomics, working with labs, researchers, and partners like a company formed by J. Craig Venter. The 2014 seed funding preceded larger rounds, including a $21.4 million Series A led by New Enterprise Associates with participation from Windham Venture Partners and Nanjing Kaiyuan Growth Capital Investments. The Series A aimed to ramp up growth of technology offerings and expand to a new 25,000-square-foot space in Baltimore. Subsequent financings included a $75 million round co-led by Bristol-Myers Squibb and others, and later investments like up to $42 million from Innovatus Capital Partners in 2018 for regulated in vitro diagnostic genome testing.

Who has invested in Personal Genome Diagnostics?

17 investors have backed Personal Genome Diagnostics across its funding rounds, including New Enterprise Associates, Windham Venture Partners, Innovatus Capital Partners, Sands Capital Ventures, Northpond Ventures and Rock Springs Capital.

Lead investors include Cowen Healthcare Investments, Innovatus Capital Partners, Bristol-Myers Squibb and New Enterprise Associates.


Personal Genome Diagnostics Investors

Investors in Personal Genome Diagnostics by funding rounds participated
InvestorHQRoundsRoleFirst check
New Enterprise AssociatesUnited StatesSan Francisco, CA3LeadOct 2015
Windham Venture PartnersUnited StatesUnited States3ParticipantOct 2015
Innovatus Capital PartnersUnited StatesNew York City, NY2LeadOct 2018
Northpond VenturesUnited StatesWashington, DC1ParticipantFeb 2021
Maryland Venture FundUnited StatesBaltimore, MD1ParticipantJan 2018
Cowen Healthcare InvestmentsUnited StatesNew York City, NY1LeadFeb 2021
Kern CapitalUnited StatesSan Francisco, CA1ParticipantFeb 2021
Vensana CapitalUnited StatesMinneapolis, MN1ParticipantFeb 2021
3B Future Health FundGermanyGermany1ParticipantJan 2018
Sands Capital VenturesUnited StatesWashington, DC1ParticipantFeb 2021
PFM Health SciencesUnited StatesSan Francisco, CA1ParticipantFeb 2021
Catalio Capital ManagementUnited StatesNew York City, NY1ParticipantFeb 2021
Bristol-Myers SquibbUnited StatesNew York City, NY1LeadJan 2018

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Personal Genome Diagnostics Competitors

Personal Genome Diagnostics competitors include listed companies like Fulgent Genetics and Pacific Biosciences, and private ones like GeneMind Biosciences, Inscripta, Cellanome and Geneoscopy.

Public and private companies comparable to Personal Genome Diagnostics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
GeneMind BiosciencesChinaGuangzhouPrivate--$573M-
InscriptaUnited StatesUnited StatesPrivate--$565M-
Fulgent GeneticsUnited StatesUnited StatesPublicly listed$323M($77M)$601M1.1x
CellanomeUnited StatesSan Francisco, CAPrivate--$525M-
GeneoscopyUnited StatesSaint Louis, MOPrivate--$630M-
Pacific BiosciencesUnited StatesUnited StatesPublicly listed$160M($153M)$429M5.6x

Personal Genome Diagnostics Public Comps

Personal Genome Diagnostics is no longer listed, but its public comps include Fulgent Genetics, Scribe Therapeutics, Genfit, Pacific Biosciences, SOPHiA Genetics, Prenetics Global, Myriad Genetics, Tauns Laboratories, Abclon and Eckert & Ziegler.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Fulgent Genetics$323M($77M)1.1x1.1x(4.5x)(6.2x)
Scribe Therapeutics$51M($21M)14.2x-(34.0x)-
Genfit$75M($98M)9.9x7.9x(7.7x)52.1x
Pacific Biosciences$160M($153M)5.6x5.6x(5.9x)(6.9x)
SOPHiA Genetics$77M($65M)8.8x7.5x(10.4x)(18.8x)
Prenetics Global$92M($33M)3.2x1.6x(9.0x)(8.3x)
Myriad Genetics$825M($332M)0.6x0.6x(1.5x)(16.8x)
Tauns Laboratories$120M$58M3.9x5.0x8.1x12.9x

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Common questions about Personal Genome Diagnostics

When was Personal Genome Diagnostics founded?Personal Genome Diagnostics was founded in 2010.
Where is Personal Genome Diagnostics headquartered?Personal Genome Diagnostics is headquartered in Baltimore, MD, United States.
Is Personal Genome Diagnostics publicly listed?No, Personal Genome Diagnostics was acquired by Labcorp in December 2021.
Who acquired Personal Genome Diagnostics?Personal Genome Diagnostics was acquired by Labcorp in December 2021.
How much was Personal Genome Diagnostics acquired for?Personal Genome Diagnostics was acquired for $575M in December 2021, a 26.1x revenue multiple.
How much funding has Personal Genome Diagnostics raised?Personal Genome Diagnostics has raised $244M across 5 funding rounds.
What was Personal Genome Diagnostics' last funding round?Personal Genome Diagnostics' last funding round was a $103M Series C in February 2021, led by Cowen Healthcare Investments.
Who are Personal Genome Diagnostics' investors?Personal Genome Diagnostics' investors include New Enterprise Associates, Windham Venture Partners, Innovatus Capital Partners, Northpond Ventures, Maryland Venture Fund, Cowen Healthcare Investments, Kern Capital, Vensana Capital, 3B Future Health Fund, Sands Capital Ventures and 7 others.
Which companies are comparable to Personal Genome Diagnostics?Companies comparable to Personal Genome Diagnostics include GeneMind Biosciences, Inscripta, Fulgent Genetics, Cellanome, Geneoscopy and Pacific Biosciences.

See companies similar to Personal Genome Diagnostics

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