Myriad Genetics, a prominent genetic testing and precision medicine company, has announced its definitive agreement to acquire select assets from Intermountain Precision Genomics’ (IPG) laboratory business. The assets include the Precise™ Tumor Test, Precise Liquid Test, and IPG’s CLIA-certified laboratory in St. George, Utah, where the Precise Tumor Test is currently conducted. The acquisition is set to close on February 1, 2024, subject to customary closing conditions.
By incorporating the Precise Tumor and Precise Liquid tests into its offerings, Myriad aims to foster innovation, growth, and ongoing development in its oncology portfolio. This move is expected to bring about operational efficiencies, reimbursement benefits, and new opportunities for clinical development.
Myriad’s Precise Tumor Test (also known as TheraMap®: Solid Tumor) analyzes a patient’s tumor DNA to identify and target crucial variants within tumors. The 500+ gene panel examines both DNA and RNA, enabling the matching of patients with advanced solid tumors to appropriate therapies and determining eligibility for clinical trials.
The Precise Liquid Test, anticipated to launch later in the year, will provide comprehensive genomic profiling results from a simple blood draw. IPG has completed validation studies supporting local coverage determination (LCD) for Precise Liquid and submitted clinical evidence of test performance in December 2023 for Medicare reimbursement.
The financial terms of the deal were not disclosed but are deemed not material to either Myriad or Intermountain Healthcare. Myriad expresses gratitude to its longstanding partners at Intermountain Healthcare and looks forward to building on the foundation laid out by advancing precision oncology care, offering comprehensive genomic profiling options to the Intermountain Health System, and contributing to improved patient outcomes.
