By ET Bureau - November 12, 2019 3 Mins Read
Invitae Corporation, a leading medical genetics company, announced it has entered into a definitive agreement to acquire Clear Genetics, a leading developer of software for providing genetic services at scale. Using intuitive chatbots, Clear Genetics equips patients with actionable information throughout the genetic testing process and provides guidance for understanding test results. The acquisition will further expand Invitae’s ability to scale and deliver genetic information as a part of routine medical care.
“For genetics to truly go mainstream, patients and clinicians need automated workflow solutions like those Clear Genetics has created,” said Sean George, co-founder, and chief executive officer of Invitae. “In working with the Clear Genetics team over the past year, we have the 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.”
Clear Genetics’ chatbot, named Gia, is an easy-to-use platform that guides patients throughout the genetic testing process and is currently being used by customers in Invitae’s direct channel. Gia was developed in collaboration with genetic counselors to ensure information is offered in a medically responsible way. Gia can guide patients regarding consent, personalized risk assessment, insurance benefits, pre/post-test education and understanding their test results, all through an intuitive online conversation. Patients ask Gia questions throughout the process, and Gia uses natural language processing to respond with the resources they need.
“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,” said Moran Snir, co-founder and chief executive officer of Clear Genetics. “Our shared mission to bring genetics to mainstream medicine makes joining Invitae the perfect next step on our path to delivering better healthcare and personalized treatment options globally.”
In addition to Gia, Clear Genetics’ Clinic Hub provides clinicians with similarly easy-to-use software to help manage patient care, including, for example, automated patient triage. The company’s software has been deployed at leading health systems and clinics around the country, such as Geisinger and Huntsman Cancer Institute, among others.
“Clear Genetics’ technologies have been designed to meet the needs of clinicians. In some ways, they can be thought of as a digital navigator for using genetic testing to care for patients,” said Robert Nussbaum, chief medical officer of Invitae. “Clear Genetics, like Invitae, developed these tools with the goal of ensuring easier access to medically responsible, actionable genetic testing. Understanding how best to expand the use of these technologies will play an important role in answering how clinicians will harness the power of genetics in mainstream medicine.”
Under the definitive agreement, Invitae will acquire Clear Genetics for aggregate consideration of approximately $50 million, consisting of approximately $25 million in cash and the remainder in shares of Invitae common stock, which consideration is subject to adjustment based on the networking capital of Clear Genetics at closing, among other factors. A portion of such consideration will be subject to a holdback to satisfy indemnification obligations that may arise, and security holders of Clear Genetics will have the right for Invitae to register for resale on Form S-3 shares of Invitae common stock issued in the acquisition. The acquisition is expected to close in the coming days, subject to customary closing conditions.
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