Myriad Acquires Sividon Diagnostics
News Jun 01, 2016
Myriad Genetics, Inc. has acquired Sividon Diagnostics for €35 million upfront with the potential for €15 million in additional performance-based milestones. The transaction closed on May 31, 2016. Myriad expects the deal to be neutral to both revenue and earnings in fiscal year 2017.
"Sividon brings to Myriad the best-in-class breast cancer prognostic test and strengthens our market leading oncology portfolio of high value personalized medicine products," said Mark C. Capone, president and CEO, Myriad Genetic Laboratories. "The EndoPredict® test will be the foundational product of our newly initiated kit-based strategy and allow Myriad to leverage its global oncology distribution to bring this important test to patients worldwide."
"We are excited to be integrated with the global leader and pioneer in personalized medicine," said Christoph Petry, CEO of Sividon Diagnostics. "Myriad has the reimbursement, regulatory, and commercial expertise to make this product very successful, especially as we seek distribution in the United States and broader reimbursement coverage in Europe."
Sividon Diagnostics was spun out of Siemens Healthcare Diagnostics in 2010 as part of a management buyout. Their core EndoPredict product is a kit-based RNA expression test that evaluates 12 genes to assess the aggressiveness of breast cancer on a molecular level. The test is currently CE Marked on the Siemens Versant instrument, however, Myriad is transitioning the product to the Thermo Fisher QuantStudio platform as a key step in the international kit strategy. EndoPredict has been evaluated in 5 major studies incorporating more than 4,000 patients, utilized on a clinical basis in over 13,000 patients worldwide, and is extensively referenced in clinical guidelines across the globe. In a head-to-head study, it has been shown to outperform the prognostic ability of the leading first generation test while providing definitive answers with no intermediate results.