NEW YORK – Myriad Genetics on Monday said it has signed a definitive agreement to sell Myriad RBM, its unit specializing in contract research services for the pharmaceutical industry, to IQvia subsidiary and clinical trial lab services organization Q2 Solutions.
The company did not release the financial details of the sale, which is slated to close in Q3. "Our agreement with Q2 Solutions provides a good home for Myriad RBM teammates, delivers strong value, and provides significant capital for future growth," Myriad Genetics CEO Paul Diaz said in a statement.
Myriad Genetics had said it planned to divest Myriad RBM as part of a companywide restructuring to get its financials on firmer footing. Earlier this month, the company sold its Vectra DA rheumatoid arthritis test, as well as related assets and IP, to Laboratory Corporation of America for $150 million. In April, Myriad sold the myPath Melanoma test and related assets to Castle Biosciences for $32.5 million.
"The divestiture of Myriad RBM, along with other announced divestitures, allows us to accelerate the execution of our transformation plan and focus on advancing our core businesses in women's health, oncology, and mental health," Diaz said.
Cowen is Myriad's exclusive financial adviser and Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is the company's legal adviser on the deal.