10x Genomics Advances into Emerging Field of In Situ Analysis with Two Acquisitions
October 05 2020 - 4:15PM
Continuing on its mission of mastering biology to advance human
health, 10x Genomics, Inc. (Nasdaq: TXG) today announced that it
has entered into a definitive agreement to acquire ReadCoor, Inc.,
developer of foundational In Situ technologies, based in Boston,
for cash and stock consideration of $350 million. The announcement
follows 10x Genomics’ acquisition of Stockholm-based CartaNA AB,
developers of In Situ RNA analysis technology, in late August.
The two acquisitions will give 10x Genomics
comprehensive and foundational intellectual property; key
technology advances; and deep talent and expertise in the emerging
In Situ field. In Situ approaches will give scientists the ability
to measure large numbers of molecules directly in tissue by
capturing the precise location of those molecules at sub-cellular
resolution. These approaches are complementary to the company’s
existing Chromium Single Cell and Visium Spatial platforms. With In
Situ, 10x Genomics expects to significantly extend its product
roadmap to establish the foundation for a third technology
platform. In addition to supporting discoveries made by the
Chromium and Visium platforms, In Situ will broaden the range of
customers and enable new translational and clinical
applications.
“Our goal has always been to anticipate the
frontiers of biology and build products that accelerate science in
exponential ways. We believe that In Situ approaches will be
essential for how biological research and clinical assays will be
conducted in the future. After a comprehensive assessment of In
Situ efforts worldwide, we are thrilled to welcome ReadCoor and
CartaNA to the 10x team,” said Serge Saxonov, co-founder and CEO of
10x Genomics. "Both companies have made significant technical
advances, which will serve as a powerful foundation for future
product development at 10x. We look forward to joining forces to
help our customers make amazing new discoveries to advance human
health.”
“We conceived of In Situ approaches early on as
the best way to perform genomic analysis and develop powerful
clinical applications. Since then we have been innovating and
building out an extensive range of capabilities to bring those
ideas to reality and transform the world of biomedicine,” said
Richard Terry, founder and CEO of ReadCoor. “We have followed and
been impressed with 10x Genomics for years and look forward to
combining forces as we execute on a shared vision.”
“Our team has been focused on developing In Situ
technologies for a number of years, starting with work at Stockholm
University and Karolinska Institute,” said Malte Kuhnemund,
co-founder and EVP of R&D at CartaNA. “We are thrilled to join
10x and become a part of their Swedish research center in Stockholm
as we continue to build and deliver products for scientists around
the globe.”
ReadCoor was spun out of George Church’s lab at
Harvard University and CartaNA came out of work from Mats Nilsson’s
SciLife Lab at Stockholm University. In connection with the
acquisitions, George Church and Mats Nilsson will become scientific
advisors to 10x Genomics.
As a result of these transactions, 10x Genomics
will acquire over 110 patents and applications that cover multiple
foundational In Situ analysis approaches. These add to its already
comprehensive patent portfolio of over 825 issued patents and
applications. 10x will fund both transactions with a combination of
cash from its balance sheet as well as stock. The company expects
to provide further details on the market opportunity and product
strategy at a later date.
The company expects the ReadCoor acquisition to
be completed later this month subject to ReadCoor shareholder
approval and customary closing conditions. Goldman Sachs & Co.
LLC is acting as financial advisor to ReadCoor. The CartaNA
acquisition has been fully completed.
About 10x Genomics
10x Genomics is a life science technology
company building products to interrogate, understand and master
biology to advance human health. The company’s integrated solutions
include instruments, consumables and software for analyzing
biological systems at a resolution and scale that matches the
complexity of biology. 10x Genomics products have been adopted by
researchers around the world including 97 of the top 100 global
research institutions and 19 of the top 20 global pharmaceutical
companies, and have been cited in over 1,750 research papers on
discoveries ranging from oncology to immunology and neuroscience.
The company’s patent portfolio comprises more than 825 issued
patents and patent applications.
Forward Looking Statements
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 as contained in Section 27A of the Securities
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expected completion of 10x Genomics, Inc.’s acquisition of
ReadCoor, Inc. These statements are based on management’s current
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representing 10x Genomics, Inc.’s views as of any date subsequent
to the date of this press release.
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the Securities and Exchange Commission, its website
(www.10xgenomics.com), press releases, public conference calls,
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