US-based molecular diagnostics company Myriad Genetics has agreed to acquire informatics-based precision medicine company Assurex Health for $225m.

The potential transaction will be funded by Myriad through cash on hand and debt. An additional $185m will be paid based on performance-based milestone achievements.

Subject to customary closing conditions and regulatory approvals, the transaction is expected to be completed at the beginning of next year.

"It facilitates a personalised treatment plan which result in a faster response and remission for patients."

The transaction will allow Myriad access to Assurex’s GeneSight test.

The GeneSight test is a clinically proven, genetic-based decision support testing tool which analyses the patient’s genes and advises the physicians to prescribe the appropriate medicine.

It facilitates a personalised treatment plan which result in a faster response and remission for patients.

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The GeneSight test will be complemented by Myriad’s myPath Bipolar which is being developed as a differential diagnosis product for major depressive disorder and bipolar disorder.

Myriad is intending to use the psychiatry call point to market the GeneSight test.

Myriad Genetics president and CEO Mark Capone said: "Assurex provides Myriad access to GeneSight one of the fastest growing new diagnostic tests ever in a multi-billion dollar global market and builds upon Myriad's commitment to expand into neuroscience, positioning us for long-term growth.

"Importantly, this acquisition provides an experienced commercial organisation in the neuroscience market that we believe will be one of the highest growth areas for personalised medicine and completes our infrastructure expansion consistent with our four-in-six strategy."

Myriad is being assisted by JP Morgan Securities as the financial advisor and Mintz Levin Cohn Ferris Glovsky and Popeo PC as the legal counsel.

Assurex Health has been advised by Goldman Sachs and Leerink Partners and Latham & Watkins and Thompson-Hine have served as its legal counsel.