SALT LAKE CITY, May 07, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced the reorganization of its European operations to better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients outside the United States.
As part of the reorganization, Myriad signed a definitive agreement to sell its EndoPredict® business to Eurobio Scientific, a leading French group in in vitro medical diagnostics and life sciences. Myriad will also license Eurobio the right to sell Prolaris in vitro diagnostic kits outside the U.S.
Myriad will license the rights to continue to produce and sell EndoPredict, as a Laboratory Developed Test (LDT), 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 change in our international strategy is part of our continued effort to accelerate profitable growth while supporting our biopharma partners in the most efficient manner," said Paul J. Diaz, president and CEO of Myriad Genetics. "By divesting the EndoPredict business to Eurobio, we believe EndoPredict and our European teammates will have more opportunities to grow given Eurobio's strength and presence in the European market. This will also allow Myriad to be in a better position to grow our other global businesses more efficiently through strategic partnerships, including licensing and distribution agreements."
The deal is subject to customary closing conditions, and Myriad expects the transaction to close in the second or third quarter of 2024.
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 will license Eurobio the right to sell Prolaris in vitro diagnostic kits outside the U.S., the company will license the rights to continue to produce and sell EndoPredict as a LDT in the U.S., and the company expects the transaction to close in the second or third quarter of 2024. 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 February 28, 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
