FLGT - Fulgent Genetics acquires Fulgent Pharma for $100M

• Fulgent Genetics ( NASDAQ: FLGT ) said Monday it acquired Fulgent Pharma , an independent clinical-stage pharmaceutical firm, for ~$100M.
• The deal amount will be paid with cash on hand and Fulgent Genetics' ( FLGT ) stock.
• The combined firm plans to offer a vertically integrated solution to combat cancer with the potential to unlock significant long-term upside for both therapeutic and diagnostic businesses.
• Fulgent Genetics' ( FLGT ) strong balance sheet and cash flow are expected to be able to support advancement of Fulgent Pharma's R&D pipeline.
• Fulgent Pharma's lead program FID-007 is a proprietary nanoencapsulated formulation of paclitaxel developed to improve overall solubility profile of paclitaxel.
• FID-007 is currently being developed for treatment of head & neck cancer, a potential $2.2B target market opportunity.
• Both companies were previously owned by Fulgent Therapeutics till 2016, when the businesses were separated ahead of Fulgent Genetics' ( FLGT ) IPO.
• Fulgent Genetics ( FLGT ) also reported Q3 results and issued guidance below expectations .

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