Tempus Announces the Acquisition of Paige

Original from: Tempus AI

Tempus AI, Inc. (NASDAQ: TEM), a technology company leading the adoption of AI to advance precision medicine, today announced the acquisition of Paige, an AI company specializing in digital pathology. The acquisition allows Tempus to grow its dataset, expand its experienced technical team, and establish a strong footprint in digital pathology with an industry leading technology portfolio.

Founded in 2017, Paige has developed and deployed several AI applications, including the first FDA-cleared AI application in pathology, allowing researchers and pathologists to better detect cancer, which enables care teams to make more precise and informed treatment decisions. Paige has developed and refined its products through a dataset that includes almost 7 million digitized pathology slide images and associated clinical and molecular data, stripped of patient identifiers to protect privacy. Leveraging a dataset of de-identified data and images that spans 45 countries and diverse genders, races, ethnicities, and regions, Paige has also developed the first million-slide foundation model for cancer, empowering researchers and life sciences companies to better understand pathology data, and enabling the advancement of drug discovery and development.

“As we embark upon building the largest foundation model that’s ever been built in oncology, the acquisition of Paige substantially accelerates our efforts,” said Eric Lefkofsky, Founder and CEO of Tempus. “Paige is a leader in digital pathology and has amassed one of the most comprehensive digital pathology datasets in the world through its relationship with Memorial Sloan Kettering Cancer Center. 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.” 

“We’ve always believed that the future of cancer care and precision medicine lies in harnessing the full potential of AI to redefine what’s possible in digital pathology and transform how cancer is detected, understood, and treated,” said Razik Yousfi, CEO and CTO of Paige. “By joining forces with Tempus, a company already making remarkable strides in oncology diagnostics, we can bring our innovations to a broader patient population and deliver even greater impact. We are confident this partnership is uniquely positioned to maximize and expand the reach of our technology, ensuring it fulfills our mission of delivering powerful, data-driven insights.”

Tempus is acquiring Paige for $81.25 million, which is being paid predominantly in Tempus common stock, as well as Tempus’s assumption of Paige’s remaining commitment under its existing Microsoft Azure cloud services agreement.   

Source: Tempus Announces the Acquisition of Paige