New York – August 16, 2024 – Cooley advised Personalis, a company transforming the active management of cancer through breakthrough personalized testing, on its expanded commercial relationship with Tempus AI, including an equity investment by Tempus into Personalis. Personalis and Tempus agreed in November 2023 to collaborate and bring ultra-sensitive minimal residual disease (MRD) testing to market and have now agreed to accelerate their efforts.
Under the agreement, Tempus agreed to exercise its existing warrants to purchase 9.2 million shares of Personalis’ common stock in accordance with their terms at an average purchase price of $2 and to purchase an additional 3.5 million shares of common stock at a price per share of $5.07, which was the last reported closing price of Personalis’ common stock as reported on the Nasdaq Global Market on August 15, 2024, for a total investment of approximately $36 million in Personalis. As a result, Tempus will own approximately 19.3% of Personalis’ outstanding common stock following the closing of the transactions.
Lawyers Bill Roegge, Laura Berezin, Asa Henin and Patrick Pang led the Cooley team advising Personalis.
Cooley previously advised Personalis on its initial public offering in 2019.
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