NEW YORK — ProPhase Labs said on Wednesday that it has acquired direct-to-consumer genome testing firm Nebula Genomics for $14.6 million in stock and cash.
San Francisco-based Nebula, which was cofounded by Harvard University researcher George Church in 2017, offers a whole-genome sequencing test that provides diagnostic-ready data.
ProPhase said that Nebula will be integrated into its recently formed subsidiary ProPhase Precision Medicine, which focuses on genetic testing technologies, and that it will perform Nebula's DNA testing at its own CLIA lab.
ProPhase also said that Church has agreed to join the subsidiary's scientific advisory board and that he and other Nebula investors will convert their initial investments in the company into ProPhase Labs common stock.
Additional terms of the acquisition were not disclosed.
"The acquisition of Nebula fits our plan to better enable individuals who seek a better understanding of their predisposition to genetic-based diseases and guidance in the diagnosis of existing, genetically influenced conditions," ProPhase CEO Ted Karkus said in a statement.
During midday trading on the Nasdaq, shares of Doylestown, Pennsylvania-based ProPhase were down 11 percent at $6.82.