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Slide #24. Myriad Genetics — Crescendo Bioscience
Myriad Genetics (NASDAQ:MYGN)
Safeguard Scientifics, Inc. (NYSE:SFE) today announced that its partner company, Crescendo Bioscience, Inc. ("Crescendo"), signed an amended agreement to be acquired by Myriad Genetics, Inc. (NASDAQ:MYGN) for $270 million, in cash, minus $25 million for the repayment of a loan made to Crescendo by Myriad in 2011 and subject to further adjustment for Crescendo's cash, other indebtedness, working capital and other amounts to be determined in accordance with the acquisition agreement. The transaction is expected to close in the fiscal quarter ending March 31, 2014, pending satisfactory completion of customary closing conditions and regulatory approval. Safeguard expects to receive approximately $40 million in aggregate cash proceeds pending final closing calculations. Safeguard has deployed $11 million in Crescendo since December 2012 and has a 13% primary ownership position.
Myriad Genetics is precision medicine company acting as an advisor to transform patient lives through molecular diagnostics. Co.'s molecular diagnostic tests are designed to analyze genes, their expression levels and corresponding proteins to assess an individual's risk for developing disease later in life, diagnose disease, determine a patient's likelihood of responding to a particular drug, or disease recurrence and assess a patient's risk of disease progression. Co. also provides biomarker discovery and pharmaceutical and clinical services to the pharmaceutical, biotechnology, and medical research industries utilizing its multiplexed immunoassay technology.
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Hold (1.50 out of 4)