Myriad to buy genetic testing company
Molecular diagnostics company Myriad Genetics has agreed to acquire Counsyl, a genetic screening company, for $375 million.
Counsyl launched its first commercial screening test in 2009, after being founded two years earlier. By January 2018, it had “delivered one million patient results”.
The transaction is expected to be completed in Myriad’s fiscal first-quarter 2019.
According to Myriad, Counsyl is the market leader in expanded carrier screening with its Foresight test, which has the highest detection rate of any commercially available test on the market.
“Offering these tests in conjunction with Myriad’s leading hereditary cancer test provides a single source of genetic tests for the 40,000 physicians in the women’s health market,” said the press release.
Myriad estimated that approximately 900,000 carrier screening tests and 1.3 million non-invasive prenatal screening tests will have been performed in the US during 2018. In 2023, Myriad believes that 3.5 million reproductive genetic tests will be performed in the US, reflecting a double-digit growth rate and representing a market of more than $1.5 billion.
Mark Capone, president and CEO of Myriad, said: “By offering Counsyl’s best-in-class reproductive testing products in conjunction with Myriad’s leading hereditary cancer tests, we are well positioned to be the premier women’s health genetic testing company.”
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