Fulgent Genetics Acquires Fulgent Pharma, Creating a New Paradigm in Precision Medicine for The Company (Fulgent Genetics Press Release)
"Fulgent Genetics...announced today that it has completed an acquisition of Fulgent Pharma Holdings, Inc. ('Fulgent Pharma'), an independent clinical-stage, therapeutics development company focused on the development of innovative cancer treatments. Under the terms of the agreement, Fulgent Genetics acquired Fulgent Pharma for a total purchase price of approximately $100 million, subject to adjustments, to be paid with a combination of cash on hand and shares of common stock of Fulgent Genetics. The combined company plans to offer a vertically integrated solution to combat cancer with the potential to unlock significant long-term upside for both the therapeutic and diagnostic businesses, while effectively managing risk....Attractive Lead Therapeutic Candidate FID-007...is a proprietary nanoencapsulated formulation of paclitaxel developed to improve the overall solubility profile of paclitaxel."