NEW YORK – Myriad Genetics said Thursday that it has entered into a definitive agreement to acquire select assets from Intermountain Precision Genomics' laboratory business, including the Precise Tumor Test, the Precise Liquid Test, and IPG’s CLIA-certified laboratory in St. George, Utah.
Financial terms of the deal were not disclosed.
According to Myriad, the acquired assets will open up new opportunities for growth and will support continued development of its oncology portfolio. The deal is expected to close on Feb. 1, subject to customary closing conditions.
"We're deepening our commitment to our oncology business while also generating a more effective way to scale and grow our tumor profiling and liquid biopsy tests, including operational efficiencies, reimbursement benefits, and new clinical development opportunities," Myriad President and CEO Paul Diaz said in a statement.
The Precise Tumor Test, which is currently offered by IPG as TheraMap: Solid Tumor, is a 500-plus gene panel that analyzes DNA and RNA to match patients to targeted therapies. When the acquisition closes, Myriad said it intends to offer the test solely under the Precise brand name.
Precise Liquid, which is expected to launch later this year, is designed to deliver comprehensive genomic profiling results from a blood draw. According to Myriad, IPG has completed all validation studies to support a local coverage determination for Precise Liquid and submitted relevant evidence to Medicare in December of last year.