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Myriad Genetics Signs Definitive Agreement to Sell Myriad Autoimmune’s Vectra Testing Business to Labcorp
SALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it
About this update from Myriad Genetics, Inc.
[{"type":"text","content":"SALT LAKE CITY, May 03, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it has entered into a definitive agreement to sell select operating assets and intellectual property (IP), including the Vectra® test, from Myriad Autoimmune’s business unit to Labcorp (NYSE: LH) for $150 million in cash. Labcorp is a leading global life sciences company and one of the nation’s largest laboratory service providers. “Our agreement with Labcorp meets our goals of ensuring broad access to the Vectra® test for patients, ensuring a good home for our teammates, and delivering strong value for our shareholders,” said Paul J. Diaz, president and CEO of Myriad Genetics. “While we are strong believers in the future growth prospects for Vectra, this divestiture will allow us to increase operational focus and better execute in our core strategic businesses of Women’s Health, Oncology, and Mental Health.” The Vectra test has been used by over one million patients to help better understand their rheumatoid arthritis disease activity and has been ordered by the majority of rheumatologists in the country. The deal is subject to regulatory clearance and customary closing conditions, and Myriad expects the transaction to close by the end of the third quarter. Guggenheim Securities, LLC is acting as exclusive financial advisor and Katten Muchin Rosenman LLP is acting as legal advisor to Myriad Genetics. About Myriad Genetics Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to advancing health and wellbeing for all, empowering individuals with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease. Myriad discovers and commercializes genetic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information on how Myriad fulfills its purpose, please visit the Company's website: www.myriad.com. Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, m...