Myriad Genetics to Acquire Counsyl for $375 Million
Myriad Genetics revealed yesterday that it has signed a definitive agreement to acquire Counsyl, a company mostly known for their non-invasive prenatal screening.
According to the agreement, Myriad will pay $375 million in cash and common stock. Further details on the acquisition will be discussed today.
Counsyl has seen rapid growth since being founded in 2007, and in the last twelve months alone has generated more than $134 million in revenue and performed over 280,000 reproductive genetic tests.
Myriad’s move is a bid to reinforce its position in the women’s health space.
“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,” Myriad Genetics CEO, Mark C. Capone said in a statement.
“We are excited to be joining the global leader in personalized medicine to create the largest women’s health genetic testing company in the world,” Councyl CEO, Ramji Srinivasan, commented.
“As our physicians increasingly look for a single source of genetic testing, we can leverage our collective strengths to provide the highest quality genetic tests with a seamless customer experience.”