Fulgent Genetics, Inc. (NASDAQ: FLGT) announced on November 7 that it acquired Fulgent Pharma Holdings, Inc. for approximately $100 million.
Fulgent Genetics is a genetic testing company focused on transforming patient care in oncology, infectious and rare diseases and reproductive health. In 2021, the company reported revenue of $992.6 million for the entire year.
Founded in 2011, Fulgent Pharma is an independent clinical-stage therapeutics development company focused on the development of cancer treatments.
A special committee of Fulgent Genetics’ board of directors was advised by First Principles Advisory Group and Cooley LLP. Fulgent Genetics was represented in the transaction by Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. Fulgent Pharma’s legal counsel was represented by Procopio, Cory, Hargreaves & Savitch LLP.
According to the LevinPro HC database, this transaction is Fulgent Genetics’ second acquisition of the year. Previously, it purchased Inform Diagnostics for $170 million. Additionally, this marks the 85th Pharmaceutical acquisition of the year. The Pharmaceutical deal with the largest price tag in 2022 is Samsung Biologics acquiring Samsung Bioepis for $2.3 billion.
