Friendswood, Texas-based Castle Biosciences, a skin cancer diagnostics company providing personalized genomic information to improve cancer treatment decisions, has signed a definitive agreement to acquire all of the equity of Myriad MyPath from Salt Lake City-based Myriad Genetics. Myriad MyPath Laboratory is a CLIA-certified laboratory in Salt Lake City, where the MyPath Melanoma 23-gene expression profile (GEP) test was developed and is currently owned and offered. Castle is acquiring Myriad MyPath Laboratory for $32.5 million. The transaction is expected to close approximately four weeks post signing, at which time Castle will be the successor owner of Myriad MyPath Laboratory.
MyPath Melanoma is a clinically validated GEP test designed to be used as an adjunct to histopathology when the distinction between a benign nevus and a malignant melanoma cannot be made confidently by histopathology alone. Castle currently offers DecisionDx DiffDx-Melanoma, a 35-GEP test designed to characterize difficult-to-diagnose melanocytic lesions. MyPath Melanoma is a distinct test, which Castle anticipates will complement its current offerings and enable Castle to provide the most comprehensive molecular testing solution for difficult-to-diagnose melanocytic lesions.
“With the acquisition of Myriad MyPath Laboratory, Castle strategically expands its suite of genomic tests for skin cancer and expects to offer the most comprehensive testing solution for difficult-to-diagnose melanocytic lesions,” says Derek Maetzold, president and chief executive officer of Castle Biosciences. “We believe this acquisition will add incremental value to both MyPath Melanoma and DiffDx-Melanoma by leveraging the strengths of these two distinct, validated tests. Thus, through this acquisition, we believe that more patients will receive actionable results more of the time, enabling a more confident diagnosis and clearer treatment path.”
DecisionDx DiffDx-Melanoma and MyPath Melanoma are both commercially available and will remain available through Castle and Myriad, respectively, throughout the transaction period. As the successor owner, upon closing, Castle will be the sole provider of MyPath Melanoma.