Labcorp has signed a definitive agreement to acquire certain operating assets and intellectual property (IP) of Myriad Genetics’ autoimmune business unit for $150m in cash.
The acquisition includes the Vectra rheumatoid arthritis (RA) assay. The non-invasive blood test examines 12 biomarkers to check for RA disease activity.
The test merges these measures to create a simple score that signifies the severity of RA inflammation and indicates the success of existing therapies. It can also predict future joint damage.
More than one million Vectra tests have been performed since its introduction in November 2010 and a significant share of the testing volume is presently run through Labcorp.
The Vectra test and related IP, as well as other assets, are expected to merge well with Labcorp’s existing business activity focused on RA testing and treatment.
Labcorp diagnostics chief medical officer and president Brian Caveney said: “The addition of the Vectra testing capabilities to our in-house products offers tremendous potential for us to expand the test’s availability and make Labcorp a single-source diagnostics solution for RA providers.”
Subject to regulatory clearance and customary closing conditions, the acquisition is anticipated to conclude at the end of this year’s third quarter.
Myriad Genetics president and CEO Paul Diaz said: “While we are strong believers in the future growth prospects for Vectra, this divestiture will allow us to increase operational focus and better execute our core strategic businesses of women’s health, oncology and mental health.”
Hogan Lovells served as Labcorp’s legal adviser while Guggenheim Securities was the exclusive financial adviser for Myriad Genetics and Katten Muchin Rosenman acted as its legal adviser.
In February, Labcorp announced the availability of a new high-sensitivity antigen test to screen for active Covid-19 infection.