Foresight Diagnostics is a leading cancer diagnostics company founded in 2020 and spun out of Stanford University. Foresight has developed a novel liquid biopsy testing platform for the measurement of minimal residual disease that is significantly more sensitive than existing tests. Its technology, called PhasED-SeqTM, is based on a simple blood draw and next-generation sequencing. It is broadly applicable to a variety of cancers, and its ability to detect circulating tumor DNA at levels of 0.0001 percent (or one part-per-million) has the potential to provide actionable information to physicians and biopharmaceutical companies, thus enabling the development of a more proactive and personalized treatment approach.
Engagement Goals: Foresight wanted to raise capital and enter into strategic partnerships to support the development and commercialization of its technology. As part of its long-term strategy, Foresight was open to an acquisition by a partner synergistic to its mission.
Client Engagements: Foresight turned to Wilson Sonsini as a single source of support for its legal counseling and business advisory needs.
Wilson Sonsini, widely recognized for its expertise in life sciences and for helping life sciences start-ups grow, scale, and achieve successful exits, deployed a cross-practice team, including members from its Corporate, Business Advisory, Intellectual Property, Mergers & Acquisitions, Regulatory, and Technology Transactions practices.
Helmed by Matthew Meyer, Maya Skubatch, Ian Edvalson, Brent Fassett, and Jason Breen, this cross-practice team provided comprehensive strategic advisory services through Foresight’s lifecycle. Wilson Sonsini assisted Foresight with:
- development of a business plan and investor pitch deck
- key patent in-licensing strategy and execution
- investor outreach and pharma partnering support
- patent protection for Foresight’s innovations
- tax-efficient corporate entity formation
- relocation of company to Colorado and establishment of new Boulder HQ
- ongoing support on business advisory, corporate, transactional, intellectual property, regulatory, and employment matters
- sale of entity to Natera, Inc.
Impact and Results: With Wilson Sonsini’s support, Foresight closed a Series A financing round of $12.5 million in 2021, and went on to raise a Series B round of $58.75 million in 2023. In addition, Wilson Sonsini has prepared and filed patent applications to cover Foresight’s proprietary technology.
Wilson Sonsini also represented Foresight in forming its strategic partnership with Allogene Therapeutics in 2024. Partnering with Allogene, a clinical-stage biotechnology company pioneering the development of allogeneic CAR-T (AlloCARTM) products, Foresight is developing a minimal residual disease in-vitro diagnostic to determine patient eligibility for ALPHA3, the first pivotal trial for first line CAR-T consolidation treatment of large B-cell lymphoma.
Outcome: On December 5, 2025, Foresight was acquired by Natera, Inc., a global leader in cell-free DNA and precision medicine in an all-stock transaction. The transaction included a $275 million upfront payment with an additional $175 million in earnouts tied to revenue- and reimbursement-based milestones. Natera’s robust commercial and operational infrastructure for delivering personalized testing will accelerate the adoption of Foresight’s groundbreaking work and expand the availability of its PhasED-SeqTM technology in treating lymphoma and other solid tumor types.
“Wilson Sonsini was an important partner in Foresight's successful journey from its inception to a successful exit with Natera. Along the way, Wilson Sonsini was instrumental in helping Foresight achieve several important corporate goals, including our Series A and B financings, establishing a strong IP portfolio, and entering into key strategic partnerships. We appreciated the full array of strategic advisory services and legal counseling provided by Wilson Sonsini’s cross-practice teams, and the business advisory practice was a differentiating factor in our decision to work with the firm.”
Jake Chabon, Ph.D. – CEO and Founder, Foresight Diagnostics
