Castle Biosciences to acquire Cernostics for up to $80M; expands into GI diagnostics with TissueCypher

CASTLE BIOSCIENCES INC

Upfront consideration of $30M (cash or $20M cash + $10M stock at Castle's discretion); up to $50M in milestones based on 2022 performance.
Cernostics' TissueCypher Barrett's Esophagus Assay is first precision medicine test to predict progression to esophageal cancer in BE patients.
Deal expands Castle's estimated U.S. TAM by approximately $1B, complementing its dermatologic franchise.
Transaction expected to close prior to year-end 2021; Cernostics management to remain; operations stay in Pittsburgh.

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