Tempus AI announces agreement to acquire Ambry Genetics

Tempus announced that it has entered into an agreement to acquire Ambry Genetics, a leader in genetic testing. Under the terms of the agreement, Tempus will pay $375 million in cash and $225 million in shares at closing, of which $100 million will be subject to a lock-up agreement until one year post-transaction close. The deal is expected to be financed in part through a $300 million increase in short and long term debt provided by Ares, Tempus’ current lender. Ambry expects to generate greater than$300 million in revenue in calendar year 2024 and EBITDA of greater than$40 million. For more information on Ambry and its impact, see Tempus’ latest investor deck.