Tempus to acquire Personalis for $1.5B, buying the MRD test it already commercialised

Tempus Buys Personalis for $1.5B to Own the MRD Layer It Already Sold

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Tempus to acquire Personalis for $1.5B, buying the MRD test it already commercialised
Deal Oncology/ Diagnostics/ MRD

Tempus Buys Personalis for $1.5B to Own the MRD Layer It Already Sold

Athithi Verma· 21 July 2026· 1 min read· Synopulse
  • Tempus AI will acquire Personalis at $16.25 per share, a $1.5B enterprise value net of the stake Tempus already held.
  • All-stock, with a cash option capped at 50 percent. Closes late 2026 or early 2027.
  • Converts their November 2023 partnership, under which Tempus already invested in and commercialised Personalis’s NeXT Personal MRD test, into full ownership.
  • Personalis posted $22.4M in Q2 revenue on 10,384 clinical tests, up 33 percent QoQ, with Medicare coverage in three indications.
Deal read Look past the 6 percent premium to Friday’s close, the real number is 28 percent to the unaffected 30-day VWAP, and the tell is that Tempus is buying a partner it already invested in and already sells for. This is a vertical-integration move, not a bet: Tempus is taking the MRD layer of its own oncology platform in-house to capture the margin on a test it was already distributing, in a market it frames at $20 billion. When an acquirer already owns a stake and the commercial rights, the acquisition is about control and economics, not discovery, and the low headline premium reflects exactly that.

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Companies Tempus AIPersonalis
Assets NeXT PersonalMRD
Tags DiagnosticsOncologyVertical integrationAI/ML