Full Press Release Details
SALT LAKE CITY, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced it has entered into a definitive agreement to acquire select assets from Intermountain Precision Genomics’ (IPG) laboratory business, including the Precise™ Tumor Test, the Precise Liquid Test, and IPG’s CLIA-certified laboratory in St. George, Utah where the Precise Tumor Test is currently performed.
The acquisition is expected to close on February 1, 2024, subject to customary closing conditions. By bringing the Precise Tumor and Precise Liquid tests in house, Myriad will open up new opportunities for innovation, growth, and continued development of its oncology portfolio.
“With this acquisition, we’re deepening our commitment to our oncology business while also generating a more effective way to scale and grow our tumor profiling and liquid biopsy tests, including operational efficiencies, reimbursement benefits and new clinical development opportunities,” said Paul J. Diaz, president and CEO, Myriad Genetics. “We’d like to thank our longstanding partners at Intermountain Healthcare for the important progress they’ve made in advancing precision oncology care. We look forward to continuing to build on this foundation to provide comprehensive genomic profiling options to the Intermountain Health System and its patients and providers that can help guide clinical care and improve patient outcomes.”
Myriad’s Precise Tumor Test, which is also offered by IPG as TheraMap®: Solid Tumor, analyzes a patient’s tumor DNA to discover and target important variants within tumors. The 500+ gene panel looks at both DNA and RNA to match patients with advanced solid tumors to the right therapy as well as identifying eligibility for clinical trials. Upon the closing of the acquisition on February 1, 2024, Myriad expects to operate TheraMap: Solid Tumor solely as Precise Tumor.
Precise Liquid, which is expected to launch later this year, will provide convenient comprehensive genomic profiling results from a blood draw. IPG has completed all validation studies to support the local coverage determination (LCD) for Precise Liquid and submitted clinical evidence of test performance in December 2023 for Medicare reimbursement.
The financial terms of the deal were not disclosed but are not material to either Myriad or Intermountain Healthcare.
About Myriad Genetics
Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit www.myriad.com.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including that the acquisition is expected to close on February 1, 2024, statements relating to the expected benefits of the acquisition, including that it will open up new opportunities for innovation, growth, and continued development of the company's oncology portfolio, that the company expects to operate TheraMap: Solid Tumor as Precise Tumor upon the closing of the acquisition, and that Precise Liquid is expected to launch later this year. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated. Such risks and uncertainties include, but are not limited to, the risk that a condition to closing of the proposed transaction may not be satisfied; that either party may terminate the definitive agreement or that the closing of the proposed transaction may be delayed or not occur at all; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or consummation of the proposed transaction; and such other risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on March 1, 2023, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.