Mayo Clinic is teaming up with New Jersey-based Cancer Genetics to form a new joint venture, called OncoSpire Genomics, the Minnesota company said in a news release.

The goal of the venture aims to develop and commercialize cancer diagnostics based on next-generation sequencing technology.

"We expect this new venture to accelerate cancer biomarker discovery research already underway at Mayo Clinic Cancer Center," Dr. Robert Diasio, cancer researcher and director of the Mayo Clinic Cancer Center, said in a statement. "Transforming discoveries into individualized cancer therapies will benefit patients, so we are excited to be part of these efforts."

OncoSpire Genomics will be based in Rochester and equally owned by Cancer Genetics and Mayo. Other financial terms of the deal were not disclosed.

Minnesota lawmakers approved $400 million in state subsides to support Mayo Clinic’s 20-year, $6 billion expansion plans.