Myriad Genetics Completes Acquisition of Precise Tumor, Precise Liquid and Laboratory from Intermountain Precision Genomics
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The acquisition by Myriad Genetics of assets from Intermountain Health's Precision Genomics laboratory is a strategic move to bolster its position in the precision medicine and genetic testing market. By integrating the Precise™ Tumor Test and the upcoming Precise Liquid Test into its portfolio, Myriad is set to enhance its oncology testing services, which could potentially lead to an increase in market share and revenue streams. The inclusion of a CLIA-certified laboratory also means Myriad can streamline its operations, potentially improving margins due to the consolidation of testing processes.
Investors should monitor the company's future earnings reports for any increase in revenue attributed to these new tests. Additionally, the potential for Medicare reimbursement, as suggested by the submitted clinical evidence, could be a significant catalyst for revenue growth. However, operational costs associated with the integration and marketing of these new services must be factored into the overall financial impact.
The Precise Tumor and Precise Liquid tests represent significant advancements in the field of precision oncology. The ability to analyze over 500 genes in solid tumors and to offer comprehensive genomic profiling through a simple blood draw could greatly improve the personalization of cancer treatment. This is particularly relevant for matching patients with advanced solid tumors to the most effective therapies and clinical trials.
For stakeholders in the healthcare sector, the acquisition promises to expand the range of tools available for patient care. However, the long-term success of these tests will depend on their clinical utility, market adoption and reimbursement landscape. It is also important to consider the competitive environment, as other companies may develop similar or more advanced tests that could impact Myriad's market position.
From a healthcare economics perspective, Myriad Genetics' acquisition could influence cost structures within the oncology testing market. If the Precise Liquid test receives Medicare reimbursement approval, it may lead to broader insurance coverage for such genomic profiling tests, potentially driving down costs for patients and healthcare systems. Furthermore, the ability to identify clinical trial eligibility more efficiently can accelerate the development of new cancer treatments and lead to more cost-effective therapeutic options in the long run.
However, the economic impact of precision medicine is complex and multifaceted. While the potential for improved patient outcomes and reduced treatment costs is significant, the high initial costs of developing and validating these tests must be considered. The scalability of Myriad's offerings post-acquisition will be critical in determining their cost-effectiveness and overall impact on healthcare spending.
SALT LAKE CITY, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc., (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced it has completed the acquisition from Intermountain Health of select assets from its 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.
Myriad’s Precise Tumor Test, which was also offered by IPG as TheraMap®: Solid Tumor, analyzes a patient’s tumor DNA to discover and target important variants within tumors. Myriad will operate TheraMap: Solid Tumor solely as Precise Tumor moving forward. 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.
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 acquisition enables Myriad to more effectively scale and grow its tumor profiling offerings to complement its oncology portfolio of hereditary cancer and companion diagnostic testing options.
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 expects to operate TheraMap: Solid Tumor as Precise Tumor moving forward, and that Precise Liquid is expected to launch later this year. 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 March 1, 2023, 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
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