Myriad jumps after agreeing to sell prenatal health testing business
LH•Myriad Genetics shares rose 20.7% in premarket trading after it agreed to sell its prenatal health testing business to Labcorp for $210 million in cash, plus the value of inventory. Labcorp expects the deal to add about $160 million in revenue in year one.
1. Sale terms
Myriad Genetics agreed to sell its prenatal health testing business to Labcorp for $210 million in cash, plus the value of the inventory. Labcorp expects the deal to add about $160 million in revenue in year one.
2. Company expectations
Myriad said the transaction is expected to be accretive to its revenue growth and profitability while strengthening its balance sheet. Its prenatal portfolio includes genetic screening products for pregnancy and reproductive health.
