The transaction was done for €35m with a potential additional investment of €15m conditioned on achieving performance-based milestones.
Myriad is planning to fund the transaction on an all-cash basis and expects that the transaction will cast no effect on the company’s revenue and earnings in fiscal year 2017.
The transaction has added to Myriad’s portfolio of oncological devices, such as Sividon’s EndoPredict test which is a kit-based RNA expression test measuring the gravity of breast cancer on a molecular level and assists the patients to decide whether to avoid chemotherapy.
Myriad is planning to integrate the product on their Thermo Fisher QuantStudio platform which is currently CE Marked on the Siemens Versant instrument.
Myriad Genetic Laboratories president and CEO Mark Capone said: "The EndoPredict test will be the foundational product of our newly initiated kit-based strategy and allow Myriad to leverage its global oncology distribution to bring this important test to patients worldwide."
The company seeks to increase the market footprint of EndoPredict which they project is greater than $600m with its majority existing in European countries, Canada, and the US.
About 4,000 patients have been subjected to the EndoPredict test and used by more than 13,000 patients exhibiting the product’s ability to determine which patients are at low risk for distant metastases in both node negative and node positive patients.