Tempus AI to acquire Personalis for about $1.5 billion in all-stock deal

Tempus AI (Nasdaq: TEM) agreed on July 20 to acquire Personalis, Inc. (Nasdaq: PSNL) in an all-stock deal with a total enterprise value of about $1.5 billion. That figure is net of the stake Tempus already holds in the genomics company.

Personalis shareholders will receive $16.25 per share, a roughly 6% premium to the prior Friday’s close and a 28% premium to the unaffected 30-day volume-weighted average price, Tempus said in its acquisition announcement. The consideration is entirely stock at a floating exchange ratio capped at 0.3356, though Tempus may elect to pay up to half in cash, according to the company’s SEC filing.

The deal deepens a relationship that began in November 2023, when Tempus invested in Personalis and took over commercializing its NeXT Personal minimal residual disease, or MRD, test – a blood test that tracks trace amounts of tumor DNA to catch cancer recurrence early. Buying Personalis outright folds that tumor-informed monitoring directly into Tempus’ AI-enabled precision-oncology data platform.

MRD testing is one of oncology’s fastest-growing diagnostic categories, and owning the underlying assay rather than licensing it gives Tempus control of both the data and the margin. Tempus is chasing what it sizes at a roughly $20 billion MRD market opportunity, on the company’s own estimate.

The transaction is expected to close in late 2026 or early 2027, subject to approval by Personalis shareholders and customary regulatory clearances.