The deal will also include an additional $185m payment based on the achievement of certain performance-based milestones.
Based in Mason of Ohio, Assurex Health provides genetic testing services for psychotropic medicine selection.
The acquisition will allow Myriad to enter into neuroscience market.
Assurex Health produces GeneSight, which is a genetic test that enables healthcare providers to take a personalized approach to prescribe medicine for patients.
The test, which was developed in the Assurex Health clinical laboratory, is based on patented technology licensed from two medical centers Mayo Clinic and Cincinnati Children’s Hospital Medical Center.
GeneSight Psychotropic is said to assess 12 genes, which are expected to play a key role in psychotropic drug responses.
Through CPGx combinatorial pharmacogenomics approach, it assigns patients into one of over 300,000 unique composite phenotypes
Subject to customary closing conditions and regulatory approvals, the deal is expected to complete in the first quarter of fiscal year 2017
Myriad Genetics president and CEO Mark Capone said: “Assurex provides Myriad access to GeneSight one of the fastest growing new diagnostic tests ever in a multi-billion dollar global market and builds upon Myriad’s commitment to expand into neuroscience, positioning us for long-term growth.”
Assurex Health president and CEO Virginia Drosos said: “As one of the world’s leading molecular diagnostic companies, Myriad has the reimbursement, regulatory and commercial expertise to expand the long-term potential of Assurex’s neuroscience products and ensure even more patients can benefit from better outcomes through our diagnostic tests.”
