Several law firms specializing in shareholder rights have announced they are investigating the proposed acquisition of cancer testing company Personalis by Tempus AI, focusing on whether the deal price is fair and whether the board fulfilled its fiduciary duties.

Under the agreement announced on July 20, Tempus AI will acquire all outstanding shares of Personalis it does not already own for $16.25 per share. Excluding Tempus's existing stake, the transaction values the enterprise at approximately $1.5 billion. The per-share offer price represents a 6% premium over the closing price on the last trading day before the announcement and a 28% premium over the 30-day volume-weighted average price unaffected by the news.

The law firms initiating the investigations, which include Brodsky & Smith LLC, Julie & Holleman LLP, and Halper Sadeh LLC, are focusing on two core issues. First, whether the transaction consideration adequately reflects the long-term value of Personalis, especially against the backdrop of growing demand for minimal residual disease testing. Second, whether potential conflicts of interest arising from Tempus's existing commercial relationship with and shareholding in Personalis since 2023 may have compromised the fairness of the sales process.

Personalis is a leader in minimal residual disease testing, known for the ultra-sensitivity of its NeXT Personal assay. The two companies anticipate completing the transaction by late 2026 or early 2027, pending approval from Personalis shareholders and regulatory authorities.