Myriad Genetics Inc. (NASDAQ: MYGN), which specializes in molecular diagnostics and personalized medicine, started off August with the acquisition of privately-held Assurex Health Inc., an informatics-based, personalized medicine company that specializes in pharmacogenomics, a study of the genetic factors that influence an individual’s response to drug treatments, for behavioral health and chronic pain conditions. Assurex was sold for an upfront payment of $225 million, and is also eligible to receive up to $185 million in additional performance-based milestones.
The acquisition gives Myriad access to GeneSight®, one of the fasting growing diagnostic tests in a multi-billion dollar market. GeneSight® is a laboratory-developed genetic test that looks at many of the genes involved when the body processes certain types of medicines. It then provides a report informing healthcare providers which medications are the best match with their patients’ genetic makeup. Multiple clinical studies have shown that when clinicians used GeneSight® to help guide treatment decisions, patients were twice as likely to respond to the selected medication.
About two months prior to this acquisition, Myriad acquired privately-held Sividon Diagnostics GmbH to gain access to its EndoPredict® test, a multi-gene test to devise personalized treatment plans for breast cancer patients, for $39.7 million and potential milestones of up to $17 million.