NEW YORK – Tempus AI has raised an additional $300 million in incremental debt financing from alternative investment manager Ares Management that is intended to support the firm's recent acquisition of Ambry Genetics, Ares announced on Tuesday.
Ares Credit funds have provided Tempus with a total debt package of about $560 million, including $260 million of capital in 2022 and 2023.
"Over the last two years, we’ve been impressed by the Tempus team's execution of its growth strategy and complementary acquisition of Ambry, and we look forward to further supporting their efforts in AI-enabled solutions that help advancements in medicine," Douglas Dieter, partner in the Ares Credit Group, said in a statement.
Tempus announced its acquisition of Ambry Genetics for $375 million in cash and $225 million in shares at closing in November, and the deal closed earlier this month. Ambry will continue to operate as a wholly owned subsidiary of Tempus under its current leadership team. Before the acquisition, Ambry served as Tempus' largest reference laboratory for hereditary cancer screening, and the companies had entered a strategic collaboration to provide a combined comprehensive germline and somatic testing service.