Highline will help support and grow new and established businesses within Tempus and enable it to launch more clinical trial services, the companies said. Tempus says it is keeping all Highline employees, who will all remain in San Francisco. Tempus, founded in 2015 by Groupon co-founder and billionaire Eric Lefkofsky, today employs more than 1,700 people.
“We are committed to improving the current clinical trial model and are always looking for new ways to advance study design and execution so that we can bring clinical trials to the patients who need them most,” said Lefkofsky. in a press release. Lefkofsky is also a co-founder of Lightbank, a local venture capital firm that backs Tempus, as well as other local startups like CancerIQ, Uptake and SpotHero.
Tempus was originally aimed at treating cancerous tumours, but has since expanded to treat other types of illnesses, such as diabetes, depression and infectious diseases such as COVID-19. Along the way, he built a huge database of genetic data that is used by doctors to determine how patients might react to different drugs or treatments. Tempus licenses its data to physicians and researchers in hospitals and pharmaceutical companies.
The company planned to go public in the first half of this year. A Tempus spokesman said in a statement to Crain’s today that the company had ‘no immediate plans to go public’.
Tempus said in December 2020 that it was valued at $8.1 billion after raising $200 million in equity financing and $250 million in convertible debt. Investors included Baillie Gifford, Google, Franklin Templeton, Novo Holdings and funds managed by T. Rowe Price Group, Tempus said at the time. Previous investors include Revolution Growth and Steve Case’s NEA. To date, Tempus has raised over $1 billion in funding.
The company operates a laboratory at its headquarters located at 600 W. Chicago Ave., as well as in Research Triangle, North Carolina and Atlanta. Tempus also has offices in New York and San Francisco.
Tempus partly competes with PathAI, a startup seeking to advance pathology through artificial intelligence that counts D1 Capital Partners, General Atlantic and Tiger Global Management among its backers.
Bloomberg contributed to this report.