Myriad Genetics Advances International Reorganization and Completes Sale of EndoPredict Business to Eurobio Scientific
Rhea-AI Summary
Myriad Genetics (NASDAQ: MYGN) has completed the sale of its EndoPredict® business to Eurobio Scientific, a leading French in vitro diagnostics company. This move is part of Myriad's international reorganization announced in May 2024. The deal includes licensing Eurobio the right to sell Prolaris® in vitro diagnostic kits outside the U.S. Myriad retains U.S. rights for EndoPredict as part of its Precise™ Oncology Solutions suite.
This transaction aligns with Myriad's strategy to focus on domestic opportunities while maintaining global biopharma partnerships. CEO Paul J. Diaz stated that the reorganization will enable continued growth in oncology and biopharma business in Europe and Asia through a more efficient commercial distribution model, reducing organizational complexity and enterprise risk.
AI-generated analysis. Not financial advice.
Positive
- Sale of EndoPredict® business to Eurobio Scientific, potentially generating revenue
- Licensing agreement for Prolaris® in vitro diagnostic kits outside the U.S., creating a new revenue stream
- Retained U.S. rights for EndoPredict, maintaining domestic market presence
- Streamlined international operations, potentially reducing costs and improving efficiency
Negative
- Reduction in direct international market presence, potentially impacting global revenue
- Possible loss of control over product distribution and marketing in international markets
News Market Reaction – MYGN
On the day this news was published, MYGN declined 3.44%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
SALT LAKE CITY, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced it completed the sale of its EndoPredict® business to Eurobio Scientific, a leading French group in in vitro medical diagnostics and life sciences. As part of the sale, Myriad also licensed Eurobio the right to sell Prolaris® in vitro diagnostic kits outside of the U.S.
In May 2024, Myriad announced the reorganization of its International operations to better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients globally. This transaction builds on Myriad's earlier efforts this year to accelerate profitable business growth across its portfolio. Myriad has the licensed rights to continue to produce and sell EndoPredict 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 reorganization of Myriad’s International operations will enable us to continue growing our oncology and biopharma business in Europe and Asia, including Japan, through a more efficient commercial distribution model that reduces organizational complexity and enterprise risk,” said Paul J. Diaz, President and CEO, Myriad Genetics.
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’s reorganization of its International operations will better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients globally and will enable the company to continue growing its oncology and biopharma business in Europe and Asia through a more efficient commercial distribution model that reduces organizational complexity and enterprise risk. 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 factors include those 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, the company’s Quarterly Report on Form 10-Q filed on May 8, 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
