The acquisition includes the Vectra blood-based test that analyses 12 biomarkers for the measurement of rheumatoid arthritis disease activity
Life sciences company Labcorp has agreed to acquire Myriad Autoimmune’s Vectra testing business from Myriad Genetics for $150m in cash.
Under the deal, the company will purchase select operating assets and intellectual property (IP) from Myriad Genetics’ autoimmune business unit, including the Vectra rheumatoid arthritis (RA) assay.
Rheumatoid arthritis is an autoimmune disorder that results in painful inflammation and tissue damage in the knees, wrists, and other joints.
Vectra is a non-invasive and blood-based test, which analyses 12 biomarkers for the measurement of RA disease activity.
The test integrates measures to help generate an easy-to-understand score, which indicates the severity of RA inflammation and the efficiency of treatments given to the patients.
The Vectra test has the capacity to predict potential, future joint damage, thereby helping around 5,000 practicing rheumatologists in the US to offer targeted treatment and adjust existing treatments to efficiently manage RA symptoms.
Labcorp Diagnostics chief medical officer and president Dr Brian Caveney said: “Labcorp has consistently been a major player in rheumatology and continues to focus on providing medical professionals with the data they need to best treat their RA patients.
“The addition of the Vectra testing capabilities to our in-house products offers tremendous potential for us to expand the test’s availability and make Labcorp a single-source diagnostics solution for RA providers. We look forward to welcoming the team to Labcorp.”
Subject to customary closing conditions and regulatory approvals, the deal is expected to be completed by the end of the third quarter.
Guggenheim Securities is serving as an exclusive financial advisor and Katten Muchin Rosenman is acting as legal advisor to Myriad Genetics. Hogan Lovells served as legal advisor to Labcorp.
The acquisition is expected to complement Labcorp’s prior business activity aimed at boosting its scientific presence in RA testing and treatment.