Genetic testing and precision medicine leader Myriad Genetics is set to acquire select assets from Intermountain Precision Genomics (IPG), including the Precise Tumor Test and Precise Liquid Test. The acquisition, expected to close on February 1, 2024, involves bringing IPG’s CLIA-certified laboratory into Myriad’s portfolio. The move aims to enhance Myriad’s commitment to its oncology business, foster innovation, and provide operational efficiencies, reimbursement benefits, and clinical development opportunities for tumor profiling and liquid biopsy tests. The financial terms of the deal were not disclosed.
Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced it has entered into a definitive agreement to acquire select assets from Intermountain Precision Genomics’ (IPG) laboratory business, including the Precise™ Tumor Test, the Precise Liquid Test, and IPG’s CLIA-certified laboratory in St. George, Utah where the Precise Tumor Test is currently performed.
The acquisition is expected to close on February 1, 2024, subject to customary closing conditions. By bringing the Precise Tumor and Precise Liquid tests in house, Myriad will open up new opportunities for innovation, growth, and continued development of its oncology portfolio.
“With this acquisition, we’re deepening our commitment to our oncology business while also generating a more effective way to scale and grow our tumor profiling and liquid biopsy tests, including operational efficiencies, reimbursement benefits and new clinical development opportunities,” said Paul J. Diaz, president and CEO, Myriad Genetics. “We’d like to thank our longstanding partners at Intermountain Healthcare for the important progress they’ve made in advancing precision oncology care. We look forward to continuing to build on this foundation to provide comprehensive genomic profiling options to the Intermountain Health System and its patients and providers that can help guide clinical care and improve patient outcomes.”
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Myriad’s Precise Tumor Test, which is also offered by IPG as TheraMap®: Solid Tumor, analyzes a patient’s tumor DNA to discover and target important variants within tumors. The 500+ gene panel looks at both DNA and RNA to match patients with advanced solid tumors to the right therapy as well as identifying eligibility for clinical trials. Upon the closing of the acquisition on February 1, 2024, Myriad expects to operate TheraMap: Solid Tumor solely as Precise Tumor.
Precise Liquid, which is expected to launch later this year, will provide convenient comprehensive genomic profiling results from a blood draw. IPG has completed all validation studies to support the local coverage determination (LCD) for Precise Liquid and submitted clinical evidence of test performance in December 2023 for Medicare reimbursement.
The financial terms of the deal were not disclosed but are not material to either Myriad or Intermountain Healthcare.
Source: Bio Space
