Myriad Genetics Completes the Sale of Myriad myPath® Melanoma, LLC, Laboratory to Castle Biosciences

Rhea-AI Summary

Myriad Genetics, Inc. (NASDAQ: MYGN) announced the completion of the sale of its wholly-owned subsidiary, Myriad myPath, LLC, to Castle Biosciences, Inc. for $32.5 million in cash. This subsidiary includes the laboratory that provides the myPath Melanoma test. The transaction is positioned as a strategic move in Myriad's commitment to advancing genetic testing and precision medicine, enabling healthcare providers to improve patient care while reducing costs.

Positive

• Sale of Myriad myPath for $32.5 million in cash strengthens financial position.
• Focus on core genetic testing business may enhance operational efficiency.

Negative

• None.

SALT LAKE CITY, June 01, 2021 (GLOBE NEWSWIRE) -- On May 28, 2021, Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, completed the sale of its wholly-owned subsidiary, Myriad myPath, LLC, which owns the laboratory that offers the myPath Melanoma test, to Castle Biosciences, Inc for $32.5 million in cash.

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, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information visit 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, 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.

Media Contact:	Jared Maxwell		Investor Contact:	Nathan Smith
	(801) 505-5027 jmaxwell@myriad.com			(801) 505-5067 nathan.smith@myriad.com

 

FAQ

What is the recent sale involving Myriad Genetics (MYGN)?

Myriad Genetics sold its subsidiary Myriad myPath, LLC to Castle Biosciences, Inc. for $32.5 million.

How much did Myriad Genetics receive from the sale of Myriad myPath?

Myriad Genetics received $32.5 million in cash from the sale.

When was the sale of Myriad myPath completed?

The sale was completed on May 28, 2021.

What is the significance of the sale for Myriad Genetics (MYGN)?

The sale may enhance Myriad's financial position and focus on its core genetic testing business.