Cancer diagnostics company Veracyte Inc (Nasdaq:VCYT) announced on Tuesday that it has completed its acquisition of genome data analysis platform C2i Genomics Inc.

The addition of C2i Genomics brings whole-genome minimal residual disease (MRD) capabilities to Veracyte's diagnostics platform.

Marc Stapley, Veracyte's CEO, anticipates significant advancements in cancer care globally through the integration of C2i Genomics' technology and team.

"C2i's novel artificial intelligence-driven, whole-genome MRD platform will enable us to expand the value we deliver to clinicians and their patients, beginning with early cancer diagnosis and risk assessment, and now moving further along the patient journey into treatment monitoring and disease recurrence testing," Stapley said.

Veracyte's initial application of C2i Genomics' technology focuses on a muscle-invasive bladder cancer MRD test, leveraging existing commercial channels and anticipated reimbursement pathways. Further MRD tests are planned for development across Veracyte's targeted indications.

The acquisition, valued at USD70m, was funded with 2.7 million Veracyte shares. Veracyte will pay up to an additional USD25m in shares or cash, based on the achievement of future performance milestones over the next two years.