Nov. 5, 2024—Tempus AI announced it has entered into an agreement to acquire Ambry Genetics. Under the terms of the agreement, Tempus will pay $375 million in cash and $225 million in shares at closing, of which $100 million will be subject to a lock-up agreement until one year post-transaction close. Ambry expects to generate more than $300 million in revenue in calendar year 2024 and earnings before interest, taxes, depreciation, and amortization of more than $40 million.
Ambry provides hereditary cancer screening tests and serves as Tempus’ main reference lab in this category. Tempus says the acquisition will provide it with expanded testing capabilities for inherited cancer risk and will complement its strategy of using data to advance clinical and scientific innovation. Ambry’s product offerings will also allow Tempus to expand into new disease categories, including pediatrics, rare disease, immunology, women’s reproductive health, and cardiology.