Option Deal Structure Works For Myriad As It Moves To Buy Crescendo
Having watched Crescendo Bioscience gain a foothold in the market for inflammatory and autoimmune diagnostics, Myriad Genetics is now moving to acquire the company – a right it obtained via a novel strategic investment agreement in 2011.
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Five and a half years after its decision to spin off its pharmaceutical business and a year and a half away from having the US Supreme Court break its monopoly on BRCA gene testing, Myriad Genetics is no longer an exception among molecular diagnostics companies. It must find its way along a more crowded path.
In many ways, the year in diagnostics can be characterized as “more of the same.” The biggest newsmaker was FDA’s finally taking steps toward establishing an oversight framework for the regulation of laboratory-developed tests.
Device financing dropped more than 40% to $714 million in Q1; Smith & Nephew’s $1.7 billion acquisition of ArthroCare overshadowed acquisitions. Diagnostics companies raised $568 million, a 34% increase over 2013’s final quarter; nonprofits provided assets to diagnostics firms in multiple licensing arrangements.