Invitae signs agreement to acquire Clear Genetics

12 November 2019 (Last Updated November 12th, 2019 11:46)

US-based medical genetics firm Invitae has signed a definitive agreement to acquire Clear Genetics, a software developer, to provide genetic services, for a total consideration of approximately $50m.

US-based medical genetics firm Invitae has signed a definitive agreement to acquire Clear Genetics, a software developer, to provide genetic services, for a total consideration of approximately $50m.

Under the agreement, Invitae will pay approximately $25m in cash and the remaining $25m as shares of its common stock.

Clear Genetics’ intuitive chatbot, known as GIA (Genetic Information Assistant), provides patients with actionable information throughout the genetic testing process, enabling them to comprehend the test results.

The deal will boost Invitae’s capability to scale and offer genetic information under routine medical care.

Invitae co-founder and chief executive officer Sean George said: “For genetics to truly go mainstream, patients and clinicians need automated workflow solutions like those Clear Genetics has created. In working with the Clear Genetics team over the past year, we have first-hand experience with the value of their patient-centric services.

“With their capabilities, we will greatly enhance our ability to provide streamlined customer experience, enable scaled clinician education and support, and arm genetics experts with the tools they need to keep up with the exploding demand for genetic information in healthcare.”

Currently, GIA, developed in collaboration with the genetic counsellors, is being used by customers in Invitae’s direct channel.

GIA guides patients about consent, personalised risk assessment, insurance benefits, pre / post-test education and understanding their test results. GIA uses natural language processor to respond to the patients’ queries.

Clear Genetics co-founder and chief executive officer Moran Snir said: “We founded Clear Genetics with a mission to simplify the genetic testing process for as many people as possible by providing easy-to-use, automated tools that help both patient and clinician from the initial appointment to results.

“Our shared mission to bring genetics to mainstream medicine makes joining Invitae the perfect next step on our path to delivering better healthcare and personalised treatment options globally.”

Besides GIA, Clear Genetics, a Y combinator firm, offers physicians with easy-to-use software, such as an automated patient triage to help manage patient care.

Many health systems and clinics such as Geisinger and Huntsman Cancer Institute have deployed Clear Genetic’s software.