Salt Lake City-based Myriad Genetics has entered into a definitive agreement to sell select operating assets and intellectual property (IP), including the Vectra test, from Myriad Autoimmune’s business unit to Burlington, NC-based Labcorp for $150 million in cash.
“Our agreement with Labcorp meets our goals of ensuring broad access to the Vectra test for patients, ensuring a good home for our teammates, and delivering strong value for our shareholders,” says Paul J. Diaz, president and CEO of Myriad Genetics. “While we are strong believers in the future growth prospects for Vectra, this divestiture will allow us to increase operational focus and better execute in our core strategic businesses of women’s health, oncology, and mental health.”
The Vectra test has been used by over one million patients to help better understand their rheumatoid arthritis disease activity and has been ordered by the majority of rheumatologists in the country.
The deal is subject to regulatory clearance and customary closing conditions, and Myriad expects the transaction to close by the end of the third quarter.