BioCentury
ARTICLE | Top Story

Myriad notifies Crescendo of acquisition interest

November 27, 2013 11:28 PM UTC

Myriad Genetics Inc. (NASDAQ:MYGN) disclosed in an SEC filing that it provided notice of its preliminary interest in exercising an option to acquire molecular diagnostics company Crescendo Bioscience Inc. (South San Francisco, Calif.). Under a September 2011 deal, Myriad provided Crescendo a six-year $25 million loan in exchange for a three-year option to acquire the company exercisable after Crescendo reaches an undisclosed minimum revenue milestone. Crescendo notified Myriad earlier this month that it achieved the milestone. The all-cash purchase price would be based on a predetermined, undisclosed multiple of Crescendo's revenue. If Myriad exercises the option, the company said it expects the acquisition to close in 1H14.

Crescendo markets Vectra D, a multi-biomarker blood test to quantify rheumatoid arthritis activity. The test combines information from 12 serum biomarkers that have been shown to be associated with RA disease activity into a single quantitative score. ...