NEW YORK (GenomeWeb News) – Myriad Genetics today said it has completed its $80 million purchase of Rules-Based Medicine.
RBM will remain based in Austin, Texas and will operate as a wholly owned subsidiary of Myriad. RBM discovers biomarkers for pharmaceutical and biotechnology firms using its multiplex immunoassay technology. It will continue its collaborations with pharma partners in companion diagnostic discovery and carry out internal research projects, Myriad said.
When the deal was announced last month, Myriad said the purchase would expand its product portfolio into new disease areas, including psychiatric disorders, infectious diseases, and inflammatory conditions, and add eight molecular diagnostic product candidates to Myriad's pipeline.
Privately-held Rules-Based Medicine had 2010 revenues of around $25 million and has approximately 160 employees. During Myriad's fiscal fourth quarter ending June 30, RBM is anticipated to contribute $2 million in revenues.
In early morning trading today on the Nasdaq shares of Myriad were down 2 percent at $24.98.