Foley Represents AltheaDx in Acquisition by Castle Biosciences

Foley & Lardner LLP announced today that it represented AltheaDx, Inc., a mental health diagnostics company, in its recent acquisition by Castle Biosciences, Inc., a company improving health through innovative tests that guide patient care.

AltheaDx is a commercial-stage molecular diagnostics company specializing in the field of pharmacogenomics (PGx) testing services that are focused on mental health. IDgenetix is its PGx test for depression, anxiety, and other mental health conditions.

Castle Biosciences acquired AltheaDx for initial consideration of $65 million, consisting of $32.5 million in cash, subject to adjustments for cash, debt, expenses and working capital, and $32.5 million in common stock of Castle Biosciences. There will be up to another $75 million in cash and common stock upon the achievement of certain milestones in fiscal years 2022 through 2024 and certain expansions of Medicare coverage of IDgenetix.

The Foley team representing AltheaDx was led by Partner Brandee Diamond and included Partners Belinda Morgan, John Litchfield, Andy Rawlins, Judy Waltz, Adam Schurle, Jennifer Urban and Jim Mckeown, Senior Counsel Eric Chow, and Associates Eric Lauria-Banta, Ethan Floyd, and Samuel D. Goldstick.