Crescendo raises $31M, secures $25M loan
Crescendo Bioscience Inc. (South San Francisco, Calif.) raised $31 million in a series C round and received a six-year $25 million loan from Myriad Genetics Inc. (NASDAQ:MYGN) in exchange for a three-year option for Myriad to acquire the molecular diagnostics company. Myriad can exercise the option after Crescendo reaches an undisclosed minimum revenue milestone during the three years. The purchase price will be based on a predetermined multiple of revenue based on Crescendo's growth rate. If Crescendo does not reach the minimum revenue threshold, Myriad will have a one-time right to exercise the option at the end of the term at an undisclosed fixed purchase price. The series C round was led by new investor Aeris Capital. Existing investors Mohr Davidow Ventures; Kleiner Perkins Caufield & Byers; and other, undisclosed investors participated. ...