Benzinga | Apr 27, 2021 07:21AM EDT

UPDATE: Myriad Genetics Signs Definitive Agreement To Sell Myriad myPath Melanoma Laboratory To Castle Biosciences For $32.5M In Cash

Myriad Genetics, Inc. (NASDAQ:MYGN), a leader in genetic testing and precision medicine, announced that it has signed a definitive agreement to sell the Myriad myPath Melanoma, LLC, Laboratory, which is the laboratory that offers the myPath Melanoma test, to Castle Biosciences for $32.5 million in cash. Castle Biosciences is a specialty laboratory focused on advanced diagnostics for dermatologic cancers.



"We are pleased to sign an agreement with Castle Biosciences that meets our objective of ensuring patients continue to have access to this important test and providing value for our shareholders," said Paul J. Diaz, president and CEO of Myriad Genetics. "The divestiture of Myriad myPath Melanoma will allow Myriad to focus on it's core businesses in Women's Health, Oncology, and Mental Health and provide growth capital for future investment."



myPath Melanoma has been used by almost 40,000 patients to guide treatment decisions and has been ordered by approximately 20% of dermatopathologists in the country. The deal is subject to customary closing requirements and Myriad expects the transaction to close in its fiscal second quarter.