Myriad Genetics to Acquire Precise Tumor, Precise Liquid and Laboratory from Intermountain Precision Genomics
January 18 2024 - 5:10PM
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.
Investor ContactMatt Scalo(801)
584-3532IR@myriad.com
Media ContactGlenn Farrell(385)
318-3718PR@myriad.com
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