Exact Sciences acquired Armune BioScience, a life sciences startup that developed a diagnostic blood test for prostate cancer, MiBiz reports.
Here's what you should know:
1. Neither party disclosed terms of the sale, but Armune CEO David Esposito said the sale "was a really good, solid deal for the company."
2. Armune sold to Exact Sciences because of Exact's parallel cancer diagnostic test Cologuard.
3. Mr. Esposito said, "Given Exact's resources and their scientific expertise, we couldn’t think of a better home for the technology. It's a great fit for our technology, and we think it has a real strong chance at really impacting the early detection of cancer combined with them."
4. The sale closed in mid-December 2017 but was not publicly announced until January.
5. Exact CEO Kevin Conroy said Armune is in line with the company's goal of developing diagnostic tests for the 10 most prevalent U.S.-based cancers.