Myriad Genetics Completes Sale of Myriad Autoimmune’s Vectra Testing Business to LabCorp

Rhea-AI Summary

Myriad Genetics (NASDAQ: MYGN) has finalized the sale of select operating assets and intellectual property, including the Vectra® test from its autoimmune unit, to Labcorp (NYSE: LH) for $150 million in cash. This transaction emphasizes Myriad's focus on enhancing its genetic testing and precision medicine capabilities while allowing Labcorp to expand its offerings in the life sciences sector. The deal aims to advance health insights and improve patient care.

Positive

• Sale of assets including Vectra® test for $150 million enhances cash position.
• Partnership with Labcorp may foster further growth opportunities.

Negative

• None.

SALT LAKE CITY, Sept. 13, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced that it has completed the sale of select operating assets and intellectual property (IP), including the Vectra® test, from Myriad Genetics’ autoimmune 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.

About Myriad Genetics
Myriad Genetics 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, assess the risk of disease progression, and guide treatment decisions across medical specialties where critical genetic insights can significantly improve patient care and lower healthcare costs. For more information, visit the Company's website: www.myriad.com.

Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis CDx, Tumor BRACAnalysis CDx, myChoice CDx, EndoPredict, 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.

Media Contact: Jared Maxwell (801) 505-5027 jmaxwell@myriad.com

Investor Contact: Nathan Smith (801) 505-5067 Nathan.Smith@myriad.com

FAQ

What did Myriad Genetics announce on September 13, 2021?

Myriad Genetics announced the sale of select assets and intellectual property, including the Vectra® test, to Labcorp for $150 million.

What is the significance of the $150 million deal for MYGN?

The $150 million deal enhances Myriad Genetics' cash reserves, potentially providing opportunities for future investments.

Which company acquired the Vectra® test from Myriad Genetics?

Labcorp acquired the Vectra® test and other assets from Myriad Genetics.

How might the sale of assets affect Myriad Genetics stock?

The sale could positively impact Myriad Genetics' stock by strengthening its financial position and strategic focus.