Business
Myriad Genetics Provides Transformation Update, Pursues Strategic Alternatives for Autoimmune Business, Realigns International Operations
Focus on Women’s Health, Oncology, Mental Health to Improve Execution and Accelerate Growth SALT LAKE CITY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics,
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"Focus on Women’s Health, Oncology, Mental Health to Improve Execution and Accelerate Growth\nSALT LAKE CITY, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced the substantial completion of its strategic business unit and products review which will enable the company to better serve patients and healthcare providers and further expand its leadership in Women’s Health, Oncology and Mental Health. “As part of our transformation and growth plan, we are pursuing strategic alternatives for our Autoimmune business and realigning our International business unit to streamline operations, reduce complexity and cost, and concentrate on our biggest growth opportunities. These actions are among the key initiatives we have undertaken over the last several months to improve our competitive position, commercial capabilities, and focus on operational excellence,” said Paul J. Diaz, president and CEO, Myriad Genetics. “As we start the New Year, I would like to thank my teammates for their dedication and hard work to meet the needs of our patients and healthcare providers in the most difficult operating environment any of us have ever seen. While the recent surge in the coronavirus pandemic continues to impact doctor visits, elective procedures and testing trends, we are excited about the opportunities the New Year brings for all our stakeholders.” Strategic Alternatives for Autoimmune BusinessMyriad’s Autoimmune business includes the Vectra® assay, an advanced multi-protein biomarker blood test to help patients and healthcare providers gain an objective measure of rheumatoid arthritis (RA) disease activity. The Vectra score is designed to reveal the effectiveness of a given RA treatment plan, predicting radiographic progression, and guiding personalized medical management decisions to improve outcomes. Prior to the coronavirus pandemic, revenue for Vectra consistently exceeded $40 million per year. “We strongly believe in the long-term growth prospects for Vectra. We are committed to supporting our teammates in this business and ensuring that Vectra continues to positively impact the lives of patients with autoimmune disease. We believe the growth prospects for this product are even more significant in an organization with greater focus and complementary cap...