Photocure, a bladder cancer diagnostics company, announced the acquisition of Vesica Health, a U.S.-based precision diagnostics company advancing AssureMDx, a urine-based molecular test for the early detection of bladder cancer. The transaction is valued at $30.5 million in cash and stock and is designed to expand Photocure’s position across the bladder cancer care continuum.
The deal includes a prior $3.0 million equity investment made during the first quarter of 2026 and results in net consideration of approximately $28.5 million after accounting for Vesica Health’s $2 million cash balance. At closing, Photocure will pay $13.75 million, consisting of $11.0 million in cash and $2.75 million in Photocure equity. An additional $13.75 million is tied to future milestones related to Medicare reimbursement and regulatory achievements.
The acquisition adds AssureMDx to Photocure’s portfolio, extending its reach upstream in the bladder cancer diagnostic pathway. AssureMDx is a multi-omic urine-based biomarker test designed to identify hematuria patients at increased risk for bladder cancer and support earlier risk stratification. The test integrates six epigenetic and somatic biomarkers and has been validated in prospective multicenter studies.
According to the company, a study involving 838 hematuria patients demonstrated 96% sensitivity, a 99.7% negative predictive value, and an area under the curve score of 0.96 for bladder cancer detection. The assay was recognized in American Urological Association guidelines for microhematuria evaluation in September 2025, received an American Medical Association Proprietary Laboratory Analyses code effective January 2026, and was granted U.S. Food and Drug Administration Breakthrough Device Designation in February 2026.
Photocure believes its established commercial infrastructure, urology-focused sales network, and payer relationships can accelerate AssureMDx commercialization. The company said the acquisition expands its presence in the large hematuria evaluation market, where approximately seven million patients present annually in the United States.
The company expects to maintain its previously issued 2026 outlook of 7% to 11% product revenue growth on a constant currency basis while continuing to expand adjusted EBITDA margins. Assuming Medicare reimbursement by mid-2028 and favorable clinical data, Photocure expects initial AssureMDx revenues in 2027 and positive adjusted EBITDA contribution from the business by 2030.
Photocure projects the combined business will accelerate revenue growth from a standalone mid-to-high teens compound annual growth rate to more than 25% CAGR between 2026 and 2030, while maintaining adjusted EBITDA margins above 25% by 2030.
KEY QUOTES:
“This transaction represents a significant step forward in our strategy to build a comprehensive bladder cancer platform. We believe that Photocure can expand on progress with Blue Light Cystoscopy by building a portfolio of complementary precision diagnostics to inform physician decision-making and provide value for patients at different stages of the diagnostic pathway. By combining Vesica Health’s best-in-class hematuria early detection capabilities with our established diagnostic solution and commercial infrastructure, we are well positioned to accelerate growth and deliver improved outcomes for patients with urological cancers.”
Dan Schneider, Chief Executive Officer, Photocure
“AssureMDx represents a highly differentiated molecular assay designed to support risk stratification and earlier evaluation of hematuria patients. Noninvasive genomic testing and blue light cystoscopy are highly complementary technologies within the bladder cancer care continuum, and bringing these approaches together through Photocure’s established platform has the potential to accelerate clinical adoption, support more informed clinical decision-making, and expand access to advanced noninvasive bladder cancer diagnostics.”
Christopher Thibodeau, Chief Executive Officer, Vesica Health
“As the evaluation of hematuria continues to evolve, there remains a significant need for tools that can help identify patients at increased risk for bladder cancer earlier in the diagnostic pathway. The combination of noninvasive molecular testing such as AssureMDx with advanced visualization technologies such as Blue Light Cystoscopy has the potential to support more informed clinical decision-making and improve patient management across the bladder cancer care continuum.”
Dr. Sam S. Chang, Professor of Urology and Chief Surgical Officer, Vanderbilt-Ingram Cancer Center
