Abstract
Invitae, a rising star in medical genetics testing, announced its recent acquisition of AltaVoice, previously branded as PatientCrossRoads. “The AltaVoice team is a leader in the rare disease patient engagement network business,” praised Invitae’s President and COO, Sean George. Since its formation in 2007, AltaVoice has developed programs for over 400 different genetic diseases and works with more than 100 advocacy groups and 75,000 patients.
The acquisition will expand Invitae’s own patient engagement effort, Genome Network, which connects patients, clinicians, advocacy groups, and pharmaceutical companies. The network serves to advance drug research and decrease time-to-market for new therapies by allowing patients to share genetic and phenotypic information with advocacy groups and pharmaceutical researchers, while also helping to enroll qualified individuals in clinical trials.
“Combined, we’re a really powerful force to provide a unified, coordinated solution for patients, advocacy groups, and biopharma partners,” George says about the combined efforts of the two companies.
Under the terms of the sale, Invitae all outstanding shares of AltaVoice’s stock for an upfront payment of $5 million in Invitae common stock, with an additional $10 million in stock payable over the next two years dependent on reaching future milestones.
Invitae hopes the acquisition will attract more partnerships to the company, similar to its relationship with biopharmaceutical company BioMarin. BioMarin has agreed to pay for genetic testing through Invitae to identify children who could benefit from a drug they developed to combat a form of childhood epilepsy with specific genetic underpinnings. Both BioMarin and Invitae plan to work with pediatric neurologists to promote the notion that children who meet the specific genetic criteria undergo the genetic test free-of-charge.
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“Our mission is to make sure that everyone who could benefit from genetic information can have access to it,” said George.
In its attempt to move genetic testing “from downstream to mainstream” medical care, three-year-old Invitae has gone from intitial commercialization to potentially becoming the number one genetic testing company in the world within the next two years. “It’s astonishing,” notes George, “but I think it’s a sign of both where technology is rapidly changing the landscape of genetics, and a testament to what is resonating with clinicians and patients.”