Myriad Genetics Advances International Reorganization and Completes Sale of EndoPredict Business to Eurobio Scientific
Myriad Genetics (NASDAQ: MYGN) has completed the sale of its EndoPredict® business to Eurobio Scientific, a leading French in vitro diagnostics company. This move is part of Myriad's international reorganization announced in May 2024. The deal includes licensing Eurobio the right to sell Prolaris® in vitro diagnostic kits outside the U.S. Myriad retains U.S. rights for EndoPredict as part of its Precise™ Oncology Solutions suite.
This transaction aligns with Myriad's strategy to focus on domestic opportunities while maintaining global biopharma partnerships. CEO Paul J. Diaz stated that the reorganization will enable continued growth in oncology and biopharma business in Europe and Asia through a more efficient commercial distribution model, reducing organizational complexity and enterprise risk.
Myriad Genetics (NASDAQ: MYGN) ha completato la vendita della sua attività EndoPredict® a Eurobio Scientific, un'azienda francese leader nel settore dei diagnostici in vitro. Questa mossa fa parte della riorganizzazione internazionale di Myriad annunciata a maggio 2024. L'accordo include la licenza a Eurobio per vendere kit diagnostici in vitro Prolaris® al di fuori degli Stati Uniti. Myriad mantiene i diritti negli Stati Uniti per EndoPredict come parte della sua suite di soluzioni oncologiche Precise™.
Questa transazione è in linea con la strategia di Myriad di concentrarsi su opportunità nazionali mantenendo al contempo partenariati globali nel settore biopharma. Il CEO Paul J. Diaz ha dichiarato che la riorganizzazione permetterà una continua crescita nel settore oncologico e biopharma in Europa e Asia attraverso un modello di distribuzione commerciale più efficiente, riducendo la complessità organizzativa e il rischio aziendale.
Myriad Genetics (NASDAQ: MYGN) ha completado la venta de su negocio EndoPredict® a Eurobio Scientific, una empresa francesa líder en diagnósticos in vitro. Este movimiento forma parte de la reorganización internacional de Myriad anunciada en mayo de 2024. El acuerdo incluye la licencia a Eurobio para vender kits de diagnóstico in vitro Prolaris® fuera de los EE. UU. Myriad retiene los derechos en EE. UU. para EndoPredict como parte de su suite de soluciones oncológicas Precise™.
Esta transacción se alinea con la estrategia de Myriad de enfocarse en oportunidades nacionales mientras mantiene asociaciones globales en biopharma. El CEO Paul J. Diaz declaró que la reorganización permitirá un crecimiento continuo en el negocio de oncología y biopharma en Europa y Asia a través de un modelo de distribución comercial más eficiente, reduciendo la complejidad organizativa y el riesgo empresarial.
마이리드 제네틱스 (NASDAQ: MYGN)는 유로바이오 사이언티픽에 EndoPredict® 사업을 매각했습니다, 이 회사는 프랑스에서 선도적인 인버트로 진단 회사입니다. 이 조치는 2024년 5월에 발표된 마이리드의 국제 재편성의 일환입니다. 이번 거래에는 유로바이오가 미국 외 지역에서 Prolaris® 인버트로 진단 키트를 판매할 수 있는 권리를 라이선스하는 내용이 포함됩니다. 마이리드는 Precise™ 종양학 솔루션 제품군의 일환으로 EndoPredict에 대한 미국 내 권리를 유지합니다.
이 거래는 국내 기회에 집중하고 글로벌 생명공학 파트너십을 유지하려는 마이리드의 전략과 일치합니다. CEO 폴 J. 디아즈는 재조직이 유럽 및 아시아에서 종양학 및 생명공학 사업의 지속적인 성장을 가능하게 하여 더욱 효율적인 상업적 유통 모델을 통해 조직의 복잡성과 기업 위험을 줄일 것이라고 밝혔습니다.
Myriad Genetics (NASDAQ: MYGN) a achevé la vente de son activité EndoPredict® à Eurobio Scientific, une entreprise française leader dans le domaine des diagnostics in vitro. Ce mouvement fait partie de la réorganisation internationale de Myriad annoncée en mai 2024. L'accord comprend la licence accordée à Eurobio pour vendre des kits de diagnostic in vitro Prolaris® en dehors des États-Unis. Myriad conserve les droits aux États-Unis pour EndoPredict dans le cadre de sa suite de solutions onco-précises™.
Cette transaction s'inscrit dans la stratégie de Myriad de se concentrer sur les opportunités nationales tout en maintenant des partenariats mondiaux en biopharma. Le PDG Paul J. Diaz a déclaré que la réorganisation permettra une croissance continue dans le secteur de l'oncologie et de la biopharma en Europe et en Asie grâce à un modèle de distribution commerciale plus efficace, réduisant ainsi la complexité organisationnelle et le risque d'entreprise.
Myriad Genetics (NASDAQ: MYGN) hat den Verkauf seines EndoPredict®-Geschäfts an Eurobio Scientific abgeschlossen, ein führendes französisches Unternehmen im Bereich der In-vitro-Diagnostik. Dieser Schritt ist Teil der internationalenReorganisation von Myriad, die im Mai 2024 angekündigt wurde. Der Deal umfasst die Lizenzierung von Eurobio für den Verkauf von Prolaris® In-vitro-Diagnosetests außerhalb der USA. Myriad behält die US-Rechte für EndoPredict im Rahmen seines Precise™ Oncology Solutions-Portfolios.
Diese Transaktion steht im Einklang mit Myriads Strategie, sich auf nationale Chancen zu konzentrieren und gleichzeitig globale Partnerschaften im Biopharma-Bereich aufrechtzuerhalten. CEO Paul J. Diaz erklärte, dass die Reorganisation ein kontinuierliches Wachstum in der Onkologie und im Biopharma-Geschäft in Europa und Asien durch ein effizienteres Vertriebsmodell ermöglichen wird, wodurch organisatorische Komplexität und unternehmerisches Risiko verringert werden.
- Sale of EndoPredict® business to Eurobio Scientific, potentially generating revenue
- Licensing agreement for Prolaris® in vitro diagnostic kits outside the U.S., creating a new revenue stream
- Retained U.S. rights for EndoPredict, maintaining domestic market presence
- Streamlined international operations, potentially reducing costs and improving efficiency
- Reduction in direct international market presence, potentially impacting global revenue
- Possible loss of control over product distribution and marketing in international markets
Insights
Myriad Genetics' sale of its EndoPredict business to Eurobio Scientific marks a significant step in the company's international reorganization strategy. This move aligns with Myriad's goal to streamline operations and focus on profitable growth opportunities.
Key financial implications include:
- Reduced operational costs: By divesting the EndoPredict business, Myriad can potentially lower its international operational expenses, which could positively impact the company's bottom line.
- Licensing revenue: The agreement to license Prolaris in vitro diagnostic kits outside the U.S. to Eurobio could create a new revenue stream for Myriad, without the associated costs of direct sales and marketing.
- Focus on core markets: This reorganization allows Myriad to concentrate resources on its domestic market, where it likely sees higher profit margins and growth potential.
While the financial terms of the deal weren't disclosed, this strategic move could improve Myriad's profitability in the medium to long term. However, investors should monitor upcoming quarterly reports to assess the impact on revenue and profit margins.
It's worth noting that Myriad retains the rights to sell EndoPredict in the U.S. as part of its Precise Oncology Solutions, indicating that the company still sees value in the product for its domestic market.
Overall, this transaction appears to be a calculated step towards optimizing Myriad's international presence while maintaining its core oncology offerings. The market's reaction to this news will largely depend on how effectively Myriad can demonstrate improved operational efficiency and profitability in the coming quarters.
Myriad Genetics' strategic move to sell its EndoPredict business and reorganize its international operations reflects broader trends in the genetic testing and precision medicine market:
- Market consolidation: The sale to Eurobio Scientific indicates ongoing consolidation in the diagnostics sector, as companies seek to optimize their portfolios and market presence.
- Geographical focus: Myriad's decision to streamline its international operations while maintaining a presence through partnerships highlights the challenges of direct international expansion in the diagnostics market.
- Shift towards efficiency: The company's focus on reducing organizational complexity and enterprise risk aligns with investor expectations for improved operational efficiency in the biotech sector.
This reorganization could potentially reshape the competitive landscape in the European and Asian markets for oncology diagnostics. Eurobio Scientific gains a foothold in breast cancer diagnostics with EndoPredict, while Myriad maintains its presence through a distribution model.
The licensing of Prolaris to Eurobio for markets outside the U.S. is particularly interesting. This move could accelerate the adoption of Prolaris in international markets, potentially increasing its global market share in prostate cancer diagnostics.
For the broader precision medicine market, this transaction underscores the importance of strategic partnerships and licensing agreements in expanding global reach. It also highlights the ongoing evolution of business models in the sector, as companies balance the need for international presence with operational efficiency.
Investors and industry observers should watch for similar moves by other players in the genetic testing and precision medicine space, as companies continue to optimize their global strategies in response to market pressures and opportunities.
SALT LAKE CITY, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced it completed the sale of its EndoPredict® business to Eurobio Scientific, a leading French group in in vitro medical diagnostics and life sciences. As part of the sale, Myriad also licensed Eurobio the right to sell Prolaris® in vitro diagnostic kits outside of the U.S.
In May 2024, Myriad announced the reorganization of its International operations to better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients globally. This transaction builds on Myriad's earlier efforts this year to accelerate profitable business growth across its portfolio. Myriad has the licensed rights to continue to produce and sell EndoPredict in the U.S. as part of Precise™ Oncology Solutions, its comprehensive suite of precision medicine tools for breast, prostate, ovarian, pancreatic, endometrial, and colon cancer.
“The reorganization of Myriad’s International operations will enable us to continue growing our oncology and biopharma business in Europe and Asia, including Japan, through a more efficient commercial distribution model that reduces organizational complexity and enterprise risk,” said Paul J. Diaz, President and CEO, Myriad Genetics.
About EndoPredict Breast Cancer Prognostic Test
EndoPredict is a prognostic test that predicts patient risk of breast cancer recurrence to help identify who can consider safely forgoing chemotherapy.
About Prolaris Prostate Cancer Prognostic Test
Prolaris is a molecular diagnostic test that provides personalized information about the aggressiveness of a patient's prostate cancer.
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 company’s reorganization of its International operations will better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients globally and will enable the company to continue growing its oncology and biopharma business in Europe and Asia through a more efficient commercial distribution model that reduces organizational complexity and enterprise risk. 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 factors include those 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 February 28, 2024, the company’s Quarterly Report on Form 10-Q filed on May 8, 2024, 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 Contact
Matt Scalo
(801) 584-3532
IR@myriad.com
Media Contact
Glenn Farrell
(385) 318-3718
PR@myriad.com
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