M&A · Healthcare · Services-Medical Laboratories
Tempus AI, Inc. to acquire Personalis, Inc.
Announced Jul 20, 2026 · Pending Aug 31, 2026
Deal value$1.50BEV $1.50B
Premium6.0%To unaffected price
EV / Adj. EBITDA—23.3x EV / Revenue
ConsiderationCash and stock$16.25 per share
Transaction
- Acquirer
- Tempus AI, Inc. (TEM)
- Target
- Personalis, Inc. (PSNL)
- Buyer type
- Strategic
- Offer price per share
- $16.25
- Enterprise value
- $1.50B
- Status
- Pending Aug 31, 2026
Deal protections
- Break fee (target pays)
- $76.8M · 5.1%
- Reverse fee (buyer pays)
- $76.8M · 5.1%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Centerview, TD Cowen, Morgan Stanley
- Centerview fee
- $29.4M
- TD Cowen fee
- $15.0M
Sector context · Healthcare
- Comparable deals
- 101 in the prior 24 months
- Premium
- 6.0% vs. 49.0% sector median
- EV / Adj. EBITDA
- Sector median 10.9x
- Break fee
- 5.1% vs. 3.5% sector median
Timeline
- AnnouncedJul 20, 2026
- Proxy filedOct 21, 2026
- Definitive proxyOct 21, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Trading comparablesCenterview$8.95$14.15
Precedent transactionsCenterview$7.75$16.05
Discounted cash flowCenterview$11.05$16.75
Analyst price targetsCenterview$10.00$18.00
Premiums paidCenterview$16.15$22.75
Trading comparablesTD Cowen$6.17$13.29
Trading comparablesTD Cowen$7.80$16.66
Precedent transactionsTD Cowen$5.66$10.81
Precedent transactionsTD Cowen$7.31$14.41
Discounted cash flowTD Cowen$10.56$12.65
Offer $16.25
Implied value per Personalis, Inc. share by analysis, from Centerview and TD Cowen · DCF discount rate 16.5%–19%.