AI-powered data company Tempus AI announced it will acquire Paige, an AI-enabled diagnostic platform for oncologists and pathologists, for $81.25 million.
Tempus said the acquisition will help the company grow its veteran technical team and set up a notable presence in the digital pathology space.
Tempus' platform offers providers access to patient information, including lab tests. It also aims to expedite the ordering process with one-click ordering of DNA, RNA and biomarker tests, customized to a patient's cancer type.
The company's Tempus One AI-enabled clinical assistant provides end users with access to patient and treatment insights.
Paige's platform provides access to millions of digitized pathology slides, clinical reports and genomic data. An AI-assisted diagnostic application assists pathologists in the identification and classification of cancer.
"We believe both the Paige team, with their deep generative AI experience and the dataset they have built, will be catalytic across all of our AI efforts," Eric Lefkofsky, founder and CEO of Tempus, said in a statement.
THE LARGER TREND
According to MarketBeat, Jump Financial purchased 177,135 shares of Tempus AI stock valued at approximately $8.55 million.
Major institutional investors, including ARK Investment Management and Vanguard Group, have significantly increased their holdings in the company, according to MarketBeat. The company's stock is trading around $76 per share.
In July, Tempus AI received FDA 510(k) clearance for its Tempus ECG-Low EF (ejection fraction) software, which uses AI to identify specific patients who may have a low left ventricular ejection fraction (LVEF).
According to the company, Tempus ECG-Low EF joins Tempus ECG-AF as the second FDA-cleared ECG-AI device in Tempus' suite of next-generation devices aimed at identifying patients at risk for a variety of cardiovascular conditions.
Also last month, Tempus AI announced the expansion of its care pathway intelligence platform, Tempus Next, into breast cancer.
The platform supports five different biomarker testing gaps specific to breast cancer to help physicians deliver guideline-directed medical care to eligible patients.
In June, Tempus AI collaborated with The Abrams Research Center on Neurogenomics at the Northwestern University Feinberg School of Medicine.
The multiyear collaboration aims to harness AI for rapid discovery and innovation in Alzheimer's disease research. The partnership allows Tempus' AI-powered data analytics platform, Lens, to analyze and restructure the center's repository of genomic data.
In 2023, multinational pharmaceutical and biotech company Pfizer and Tempus entered into a multiyear strategic alliance to utilize AI and machine learning to inform drug discovery and development in oncology.
In July, Paige announced the release of PRISM2, a slide-level foundation model aimed at advancing large language models by allowing them to understand pathology images, connecting visual patterns with clinical language used by clinicians to unlock novel capabilities.
Paige partnered with the Breast International Group the month before to conduct collaborative research aimed at improving breast cancer diagnosis, treatment and patient outcomes.
The collaboration combines BIG's clinical research and global trial network with Paige's artificial innovative intelligence technology to advance breast cancer research by improving biomarker detection.
In 2021, Paige received FDA de novo marketing authorization for its AI software that helps detect prostate cancer.
The Paige prostate software analyzes digitized biopsy slides and identifies areas that could be cancerous for the pathologist to review further.
