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Myriad Genetics, Inc., (NASDAQ:MYGN), a leader in genetic testing and precision medicine, today announced the reorganization of its European operations to better align company resources to its domestic opportunities while continuing to serve key biopharma partners and patients outside the United States.
As part of the reorganization, Myriad signed a definitive agreement to sell its EndoPredict® business to Eurobio Scientific, a leading French group in in vitro medical diagnostics and life sciences. Myriad will also license Eurobio the right to sell Prolaris in vitro diagnostic kits outside the U.S.
Myriad will license the rights to continue to produce and sell EndoPredict, as a Laboratory Developed Test (LDT), 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 change in our international strategy is part of our continued effort to accelerate profitable growth while supporting our biopharma partners in the most efficient manner," said Paul J. Diaz, president and CEO of Myriad Genetics. "By divesting the EndoPredict business to Eurobio, we believe EndoPredict and our European teammates will have more opportunities to grow given Eurobio's strength and presence in the European market. This will also allow Myriad to be in a better position to grow our other global businesses more efficiently through strategic partnerships, including licensing and distribution agreements."
The deal is subject to customary closing conditions, and Myriad expects the transaction to close in the second or third quarter of 2024.
Posted In: MYGN
