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Fulgent Genetics Announces Acquisition of CSI Laboratories
TEMPLE CITY, Calif.--(BUSINESS WIRE)-- Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “Company”), a technology-based genetic testing company focused
About this update from Fulgent Genetics, Inc.
[{"type":"text","content":" TEMPLE CITY, Calif.--(BUSINESS WIRE)--\nFulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent” or the “Company”), a technology-based genetic testing company focused on transforming patient care in oncology, infectious and rare diseases, and reproductive health, today announced that it has acquired CSI Laboratories (“CSI”) to expand its presence in somatic molecular diagnostics and cancer testing.\n\nCSI was founded in 1997 to provide a client- and patient-focused model of cancer diagnostic testing for pathologists, community hospitals, and their patients. CSI offers more than 400 unique tests with a focus on oncology and capabilities across flow cytometry, cytogenetic analysis, fluorescence in-situ hybridization (“FISH”), immunohistochemistry, and molecular genetics. CSI’s philosophy of providing expert diagnostic testing with speed, precision, and care, is highly complementary with Fulgent’s core value proposition of offering a broad menu of actionable diagnostic tests with quality results and rapid turnaround time.\n\nStrategic Rationale:\n\n- Expansion into somatic genetic testing market, which is expected to grow to $16.8 billion by 2030\n\n- Realize synergies by leveraging Fulgent’s best-in-class technology and Next Generation Sequencing (“NGS”) expertise in new oncology markets\n\n- Geographic expansion of CSI’s reach beyond the Southeastern part of the United States\n\nWith the acquisition of CSI, Fulgent will significantly expand its capabilities in molecular diagnostics and oncologic testing. Fulgent will leverage its established technology platform, NGS expertise, lab operations, and sales infrastructure in conjunction with CSI’s extensive cancer testing menu to establish a differentiated foothold in oncologic testing in the United States. The combination of CSI’s extensive molecular diagnostics test menu and Fulgent’s NGS expertise, given its proprietary technology platform, will create a novel, comprehensive cancer testing solution for customers across the United States.\n\nFulgent’s Chief Medical Officer, Dr. Larry Weiss, will oversee the integration of CSI’s capabilities into Fulgent’s platform and the future operations of the company’s oncologic testing efforts. Fulgent expects to bolster the scale of CSI’s offerings with a new state-of-the-art cancer testing laboratory in California, which it believes will complement ...