Myriad Acquires Sividon Diagnostics
(Thomson Reuters ONE) -
Strengthens Market Leading Oncology Product Portfolio with Breast Cancer
Prognostic Test EndoPredict®
SALT LAKE CITY, May 31, 2016 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc.
(NASDAQ:MYGN), a leader in molecular diagnostics and personalized medicine,
today announced that it has acquired Sividon Diagnostics, a leading breast
cancer prognostic company, for ?35 million upfront with the potential for ?15
million in additional performance-based milestones. The transaction closed on
May 31, 2016. Myriad expects the deal to be neutral to both revenue and earnings
in fiscal year 2017. A discussion on the details and strategy underlying the
transaction will be provided on a conference call today at 4:30 pm EDT.
"Sividon brings to Myriad the best-in-class breast cancer prognostic test and
strengthens our market leading oncology portfolio of high value personalized
medicine products," said Mark C. Capone, president and CEO, Myriad Genetic
Laboratories. "The EndoPredict(®) test will be the foundational product of our
newly initiated kit-based strategy and allow Myriad to leverage its global
oncology distribution to bring this important test to patients worldwide."
"We are excited to be integrated with the global leader and pioneer in
personalized medicine," said Christoph Petry, CEO of Sividon Diagnostics.
"Myriad has the reimbursement, regulatory, and commercial expertise to make this
product very successful, especially as we seek distribution in the United States
and broader reimbursement coverage in Europe."
Sividon Diagnostics was spun out of Siemens Healthcare Diagnostics in 2010 as
part of a management buyout. Their core EndoPredict product is a kit-based RNA
expression test that evaluates 12 genes to assess the aggressiveness of breast
cancer on a molecular level. The test is currently CE Marked on the Siemens
Versant instrument, however, Myriad is transitioning the product to the Thermo
Fisher QuantStudio platform as a key step in the international kit strategy.
EndoPredict has been evaluated in 5 major studies incorporating more than 4,000
patients, utilized on a clinical basis in over 13,000 patients worldwide, and is
extensively referenced in clinical guidelines across the globe. In a head-to-
head study, it has been shown to outperform the prognostic ability of the
leading first generation test while providing definitive answers with no
intermediate results.
Benefits of the Transaction
* Synergistic Product Within the 4in6 Strategy: EndoPredict evaluates the
aggressiveness of breast cancer to help patients decide whether to safely
forgo chemotherapy and will be added into our existing oncology commercial
channel, creating significant opportunities for operating leverage.
* Substantial Market Opportunity: Myriad believes the global market
opportunity for EndoPredict is greater than $600 million with the majority
of that market existing in major European countries, Canada, and the United
States. We estimate that this market is less than 25 percent penetrated on a
global basis and EndoPredict should benefit from a significant expansion in
reimbursement in the coming years.
* Best-in-Class Product: EndoPredict has been studied in approximately 4,000
patients and utilized in over 13,000 patients, and has consistently
demonstrated the best ability to predict which patients are at low risk for
distant metastases in both node negative and node positive patients.
Additionally, the kit-based format provides unique advantages in the
marketplace and EndoPredict will be the foundational product in Myriad's
global kit-based strategy.
* Broadens Comprehensive Product Offering in Oncology: Myriad currently sells
market leading tests in oncology for hereditary cancer and companion
diagnostics. EndoPredict answers another important clinical question for
breast cancer patients by identifying which can safely forgo chemotherapy.
Oncology customers can increasingly rely on Myriad as a single source
trusted advisor answering questions across the entire continuum of care with
unmatched quality.
Financing
Myriad intends to fund the transaction entirely through cash on hand. At the end
of the fiscal third quarter Myriad had cash and cash equivalents of $286 million
on hand.
Conference Call and Webcast
A conference call will be held today, Tuesday, May 31, 2016, at 4:30 p.m. EDT to
discuss Myriad's acquisition of Sividon Diagnostics. The dial-in number for
domestic callers is 1-888-224-7964. International callers may dial
1-303-223-4373. All callers will be asked to reference reservation number
21812274. An archived replay of the call will be available for seven days by
dialing 1-800-633-8284 and entering the reservation number above. The
conference call along with a slide presentation will also will be available
through a live webcast at www.myriad.com.
About Myriad Genetics
Myriad Genetics Inc., is a leading personalized medicine company dedicated to
being a trusted advisor transforming patient lives worldwide with pioneering
molecular diagnostics. Myriad discovers and commercializes molecular diagnostic
tests that: determine the risk of developing disease, accurately diagnose
disease, assess the risk of disease progression, and guide treatment decisions
across six major medical specialties where molecular diagnostics can
significantly improve patient care and lower healthcare costs. Myriad is
focused on three strategic imperatives: transitioning and expanding its
hereditary cancer testing markets, diversifying its product portfolio through
the introduction of new products and increasing the revenue contribution from
international markets. For more information on how Myriad is making a
difference, please visit the Company's website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath,
myRisk, Myriad myRisk, myRisk Hereditary Cancer, myChoice, myPlan, BRACAnalysis
CDx, Tumor BRACAnalysis CDx, myChoice HRD, Vectra and Prolaris are trademarks or
registered trademarks of Myriad Genetics, Inc. or its wholly owned subsidiaries
in the United States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including statements
relating to the acquisition of Sividon Diagnostics for ?35 million upfront with
the potential for ?15 million in additional performance-based milestones; the
Company's expectation that the deal to be neutral to both revenue and earnings
in fiscal year 2017; the EndoPredict test being the foundational product of the
Company's newly initiated kit-based strategy and allowing the Company to
leverage its global oncology distribution to bring this important test to
patients worldwide; the transitioning of the EndoPredict test to the Thermo
Fisher QuantStudio platform as a key step in the international kit strategy; the
EndoPredict test's outperformance in its prognostic ability in a head-to-head
study; the Company's estimate that the EndoPredict test market is less than 25
percent penetrated on a global basis and the EndoPredict test should benefit
from a significant expansion in reimbursement in the coming years; the
EndoPredict test being the foundational product in Myriad's global kit-based
strategy; and the Company's strategic directives under the caption "About Myriad
Genetics." These "forward-looking statements" are based on management's current
expectations of future events and are subject to a number of risks and
uncertainties that could cause actual results to differ materially and adversely
from those described or implied in the forward-looking statements. These risks
include, but are not limited to: the risk that sales and profit margins of our
existing molecular diagnostic tests and pharmaceutical and clinical services may
decline or will not continue to increase at historical rates; risks related to
our ability to transition from our existing product portfolio to our new tests;
risks related to changes in the governmental or private insurers' reimbursement
levels for our tests or our ability to obtain reimbursement for our new tests at
comparable levels to our existing tests; risks related to increased competition
and the development of new competing tests and services; the risk that we may be
unable to develop or achieve commercial success for additional molecular
diagnostic tests and pharmaceutical and clinical services in a timely manner, or
at all; the risk that we may not successfully develop new markets for our
molecular diagnostic tests and pharmaceutical and clinical services, including
our ability to successfully generate revenue outside the United States; the risk
that licenses to the technology underlying our molecular diagnostic tests and
pharmaceutical and clinical services tests and any future tests are terminated
or cannot be maintained on satisfactory terms; risks related to delays or other
problems with operating our laboratory testing facilities; risks related to
public concern over our genetic testing in general or our tests in particular;
risks related to regulatory requirements or enforcement in the United States and
foreign countries and changes in the structure of the healthcare system or
healthcare payment systems; risks related to our ability to obtain new corporate
collaborations or licenses and acquire new technologies or businesses on
satisfactory terms, if at all; risks related to our ability to successfully
integrate and derive benefits from any technologies or businesses that we
license or acquire, including but not limited to our acquisition of a healthcare
clinic in Germany; risks related to our projections about the potential market
opportunity for our products; the risk that we or our licensors may be unable to
protect or that third parties will infringe the proprietary technologies
underlying our tests; the risk of patent-infringement claims or challenges to
the validity of our patents; risks related to changes in intellectual property
laws covering our molecular diagnostic tests and pharmaceutical and clinical
services and patents or enforcement in the United States and foreign countries,
such as the Supreme Court decision in the lawsuit brought against us by the
Association for Molecular Pathology et al; risks of new, changing and
competitive technologies and regulations in the United States and
internationally; and other factors discussed under the heading "Risk Factors"
contained in Item 1A of our Annual report on Form 10-K for the fiscal year ended
June 30, 2016, which has been filed with the Securities and Exchange Commission,
as well as any updates to those risk factors filed from time to time in our
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
Media Contact:
Ron Rogers
(908) 285-0248
rrogers(at)myriad.com
Investor Contact:
Scott Gleason
(801) 584-1143
sgleason(at)myriad.com
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Myriad Genetics, Inc. via GlobeNewswire
[HUG#2016920]
Unternehmensinformation / Kurzprofil:
Datum: 31.05.2016 - 22:05 Uhr
Sprache: Deutsch
News-ID 474793
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