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The new consortium is aiming to make comprehensive genomic profiling accessible to advanced cancer patients in the US, to help inform their treatment decisions.
The firm will partner with startup GeneproDx on thyroid cancer diagnostic development, while a separate agreement with Endpoint Health will entail CDx development for critical illness.
Of the 32 companies in the index, 14 firms saw their stock prices increase, while 18 firms' share prices decreased.
The firms had planned to develop the assay on Biocartis' Idylla platform, which would have allowed customers to perform the assay locally in their own lab facilities.
The company's acquisitions of Thrive Early Detection and Base Genomics are meant to accelerate its development of a liquid biopsy multi-cancer screening test.
The company also acquired DNA methylation analysis firm Base Genomics for $410 million and said it plans to raise $869 million in a direct stock offering.
Myriad Genetics' EndoPredict, Agendia's MammaPrint (distributed in Germany by PathoNext), and Veracyte's Prosigna will now be covered by public insurance.
News items for the in vitro diagnostics industry for the week of Oct. 5, 2020
Of the 32 companies in the index, 21 firms saw their stock prices increase, while 11 firms' share prices decreased.
The firm presented initial study results from the test, which identifies six cancers, showing overall sensitivity at 86 percent and specificity of 95 percent.