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 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, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, Vectra, Prequel, Foresight, GeneSight, riskScore and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries in the United States and foreign countries. MYGN-F, MYGN-G.
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