The Acquirer’s Drift: Tempus AI Is A Buy

The Sell-Off Is The Entry

This will be a "best ideas only" bio substack providing actionable, highly digestible and high conviction value to investors focused on quality not quantity. Disclaimer: Nothing in this article (or substack) is considered investment advice and is solely the opinion of the author.

*TEM price target at the end of the article.*

I’ve written two pieces on Personalis. The first argued the coverage ladder was the thesis and put a $15 target on it. The second, after the immunotherapy MolDX decision landed early, upgraded that to a probability-weighted $24 and leaned into the unit economics. Today the question is moot, because this morning Tempus AI agreed to acquire Personalis for $16.25 per share, roughly a $1.5 billion enterprise value net of the stake Tempus already owned.