Tempus AI, Inc. (Nasdaq: TEM) has agreed to acquire Fremont, California-based Personalis, Inc. (Nasdaq: PSNL) in a transaction valued at $1.5 billion in total enterprise value, net of Tempus's existing ownership stake. The acquisition converts a multi-year commercial partnership into outright ownership, giving the Chicago-based Tempus direct control of Personalis's ultrasensitive circulating tumor DNA (ctDNA) monitoring technology and consolidating Tempus's precision oncology AI platform around molecular residual disease (MRD) testing.
Under the agreement, Personalis shareholders will receive USD 16.25 per share, a 6% premium to the prior Friday's closing price and a 28% premium to the unaffected 30-day volume-weighted average price. The deal is structured as 100% stock, with Tempus holding discretion to substitute cash for up to 50% of consideration. The transaction, approved by both boards, is expected to close in late 2026 or early 2027, subject to Personalis shareholder approval and customary regulatory clearances.
The deal centers on NeXT Personal, a tumor-informed liquid biopsy assay that tracks up to roughly 1,800 patient-specific variants to detect ctDNA at sensitivities down to about 1 part per million, among the most sensitive commercially available MRD tests. Tempus has served as Personalis's exclusive commercial partner for the test since November 2023, an arrangement that was expanded to cover biopharma customers and later broadened to include colorectal cancer alongside breast and lung cancer and pan-tumor immunotherapy monitoring. NeXT Personal has secured Medicare coverage across multiple indications, giving Tempus a reimbursed, clinically validated cancer monitoring technology to layer onto its multimodal data platform.