Salt Lake City-based Myriad Genetics has acquired Assurex Health, a developer of genetic testing for psychotropic medicine based in Mason, Ohio. Myriad said in a release that the initial sale price is $225 million, but that the deal carries the potential for $185 million in additional performance-based payments. Assurex generated revenue of more than $60 million and tested more than 150,000 patients in Myriad’s fiscal year 2016.
Salt Lake City-based Myriad Genetics has acquired Assurex Health, a developer of genetic testing for psychotropic medicine based in Mason, Ohio. Myriad said in a release that the initial sale price is $225 million, but that the deal carries the potential for $185 million in additional performance-based payments. Assurex generated revenue of more than $60 million and tested more than 150,000 patients in Myriad’s fiscal year 2016.
Myriad, a molecular diagnostics company, was founded in 1991 and employs about 1,700 people.
The transaction is expected to close at the end of Myriad’s first quarter of fiscal year 2017. Myriad provided financial details pertaining to the acquisition to stockholders during its fourth-quarter earnings call on Aug. 9.
“Assurex provides Myriad access to GeneSight, one of the fastest-growing new diagnostic tests ever in a multi-billion-dollar global market, and builds upon Myriad’s commitment to expand into neuroscience, positioning us for long-term growth,” said Mark C. Capone, president and CEO of Myriad Genetics. “Importantly, this acquisition provides an experienced commercial organization in the neuroscience market that we believe will be one of the highest growth areas for personalized medicine and completes our infrastructure expansion consistent with our four-in-six strategy.”
“We are excited as a fellow pioneering company to be joining the global leader in personalized medicine,” said Virginia C. Drosos, president and CEO of Assurex. “As one of the world’s leading molecular diagnostic companies, Myriad has the reimbursement, regulatory and commercial expertise to expand the long-term potential of Assurex’s neuroscience products and ensure even more patients can benefit from better outcomes through our diagnostic tests.”
Myriad intends to fund the transaction through cash on hand and debt financing secured through JPMorgan Chase & Co.
Read more: The Enterprise - Myriad adds to capabilities with acquisition of Assurex Health