NEW YORK (GenomeWeb) – Myriad Genetics said yesterday that it has completed its acquisition of mental health-focused pharmacogenetics firm Assurex Health.
Last month, Myriad announced that it agreed to buy Assurex for $225 million in upfront payments, plus up to $185 million in performance-based milestones. Myriad said that it entered into a $200 million credit agreement with JP Morgan Chase Bank to fund the acquisition.
The deal provides Myriad entry into the neuroscience space with Assurex's GeneSight Psychotropic, a cheek swab test that analyzes a panel of PGx markers that can be used to personalize patients' antipsychotic and antidepressant medicines.
"This acquisition is an excellent strategic fit since it leverages our existing preventive care business unit with the addition of a product that has a market potential of $3 billion in this channel," Myriad President and CEO Mark Capone said in a statement. "The acquisition has the added strategic benefit of establishing the foundation for our neuroscience business where GeneSight has a market potential of over $2 billion and the ability to leverage this sales channel for future pipeline products."
Capone previously said Myriad plans to promote adoption of GeneSight for psychiatric indications beyond depressive disorders, for which it is most widely used. Doing so could more than triple the market for the test, he said at the time.