At-home diagnostic startup LetsGetChecked is diving into the genomics space with the acquisition of Veritas Genetics and Veritas Intercontinental for an undisclosed sum.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s genetics offering with our scalable virtual care infrastructure, we are able to leverage the power of whole genome sequencing to launch a full lifecycle of personalized healthcare, which has always been our goal,” Peter Foley, LetsGetChecked CEO and founder, wrote in an email to MobiHealthNews.
The brainchild of Harvard geneticist George Church, Veritas Genetics was launched with the goal of affordably sequencing the whole genome. Its services also include comprehensive genetic profiles and clinical reports. In 2019, the company announced that it could drop the price of whole-genome sequencing to $599.
The service is also able to help users interpret their data regarding carrier status, risk analysis, medically actionable conditions, drug sensitivities, traits and wellness and ancestry.
Veritas Intercontinental is a spin-off of Veritas Genetics that’s focused on international genomics offerings.
“LetsGetChecked’s acquisition of Veritas Genetics and Veritas Intercontinental operations is expected to close in the first fiscal quarter of this year,” Foley said. “We are focused on ensuring there is a seamless integration of the Veritas brand at LetsGetChecked. Over the course of the next few months, we will launch a strategy that jointly serves our goals and core values to support a new cohesive whole.”
WHY IT MATTERS
Beyond the added whole genome sequencing capabilities, the acquisition opens the door for panel tests like pharmacogenomics, cancer and carrier screenings, and maternal-fetal testing.
“Through these acquisitions, LetsGetChecked will leverage the power of whole-genome sequencing to launch a full life cycle of personalized healthcare, delivering the most comprehensive health testing and care solution on the market,” Foley said in a statement.
“By integrating Veritas Genetics’ and Veritas Intercontinental’s capabilities with LetsGetChecked’s scalable diagnostic and virtual care infrastructure, we are able to turn comprehensive genetic insights into practical recommendations and lifestyle changes, guided by clinical experts.”
The company will start rolling out the PGx panel to health plans, employers and other clients, Foley told MobiHealthNews, and by the end of the year the company will launch the whole-genome sequencing panel.
Foley said that the M&A will play into the company’s B2B and D2C strategy. He noted that the genomics services will be available to B2B clients first and later to consumers.
THE LARGER TREND
In June, LetsGetChecked scored $150 million in Series D funding. This brought the company’s total raise to a total of $260 million.
The company has a number of competitors in the at home diagnostics space, including Everlywell, Scanwell Health and Cue Health.