Myriad Offloads Prenatal Testing Unit to Labcorp for $210M
MYGN sits 99% above its 52-week low of $2.74.
Summary
Myriad is selling its prenatal testing franchise — Prequel, Foresight, SneakPeek and FirstGene — to Labcorp for $210M. That is a big number for a company with a roughly $520M market cap, and it lands right after a Q2 that missed revenue by $15.3M, cut full-year revenue guidance and suspended the EBITDA outlook. Cash burn had accelerated and the company already carries a $200M shelf filed in February, so this deal reads as a balance-sheet fix as much as a portfolio decision. Labcorp gets an established prenatal screening line and is the more modestly affected party here. Watch the 8-K and deal terms for closing conditions and whether proceeds go to debt paydown or operations.
At the time of this announcement, MYGN was trading at $5.47 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $522.8M. The 52-week trading range was $2.74 to $8.50. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Seeking Alpha.