Biotechnology M&A » By The Online Investor Staff, updated Thu., Apr. 18, 1:46 PM
Recent mergers and acquisitions in the Biotechnology M&A category.
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Slide #24. Myriad Genetics — Crescendo Bioscience
Acquirer:
Myriad Genetics (NASDAQ:MYGN)
Acquiree:
Crescendo Bioscience
Details:
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 genetic testing and precision medicine company. Co. provides insights that help people take control of their health and enable healthcare providers to detect, treat, and prevent disease. Co. discovers and commercializes genetic tests that determine the risk of developing disease, assess the risk of disease progression, or guide treatment decisions across medical personnel. Co.'s molecular diagnostic tests are designed to analyze genes and their expression levels to assess an individual's risk for developing disease, determine a patient's likelihood of responding to a particular drug, or assess a patient's risk of disease progression.
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Avg. Broker Rec.
 
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Hold (2.36 out of 4) 100th percentile
(ranked higher than approx. 100% of all stocks covered)
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