The investment firm said that Grail's revenue trajectory is uncertain, and given the firm's operating loss, it will significantly dilute Illumina's earnings.
The test is designed to detect two regions within the virus' nucleocapsid gene in upper respiratory specimens, according to the Puerto Rico-based company.
Promega will develop its microsatellite instability assay as a companion diagnostic for Incyte's anti-PD-1 drug candidate retifanlimab in endometrial cancer.
The nonexclusive deal includes Personal Genome Diagnostics' US Food and Drug Administration-cleared Elio Tissue Complete cancer genomic profiling assay.
As part of the award, Ortho Clinical will develop a rapid SARS-CoV-2 antigen assay and further develop its two FDA-authorized SARS-CoV-2 antibody assays.
The Wilmington, Delaware-based startup will use the funds for clinical validation trials on its Arna Breast cancer diagnostic test in the US and Europe.
After a two-year evaluation in advanced non-small cell lung cancers with Allegheny Health Network, the payor will cover the test for its regional members.
The deal, which was approved by the boards of directors of both companies, is expected to close in the second half of 2021, pending customary conditions.
The deal includes UK-based Yourgene's test for detecting cancer patients who may have an adverse reaction to 5-fluorouracil, as well as reproductive health tests.
Visby's test is a fully integrated PCR device that detects SARS-CoV-2 RNA, while SNIBE's test comprises assays for two different antibodies against the virus.
The proposed order is intended to give patients more timely access to the tests by moving them from Class III to Class II and providing special controls.
The company holds a leading position in reproductive testing and is expected to rapidly grow its oncology business to address a total market of $21 billion.
