Benzinga | Apr 27, 2021 07:20AM EDT

Castle Biosciences Signs Definitive Agreement To Acquire Myriad myPath Laboratory For $32.5M

With the acquisition, Castle expects to make available the most comprehensive molecular testing offering for difficult-to-diagnose melanocytic lesions.

The Company to host a conference call today at 7:30 a.m.With the acquisition, Castle expects to make available the most comprehensive molecular testing offering for difficult-to-diagnose melanocytic lesions.

The Company to host a conference call today at 7:30 a.m. E.T.

Castle Biosciences, Inc. (NASDAQ:CSTL), a skin cancer diagnostics company providing personalized genomic information to improve cancer treatment decisions, today announced it has signed a definitive agreement to acquire all of the equity of Myriad myPath, LLC (Myriad myPath Laboratory), from Myriad Genetics. Myriad myPath Laboratory is a CLIA-certified laboratory in Salt Lake City, where the myPath Melanoma 23-gene expression profile (GEP) test was developed and is currently owned and offered. Castle is acquiring Myriad myPath Laboratory for $32.5 million. Castle will finance the acquisition price with cash and cash equivalents on hand. The transaction is expected to close approximately four weeks post signing, at which time Castle will be the successor owner of Myriad myPath Laboratory. The transaction is subject to customary conditions to closing.