Myriad Genetics To Buy Crescendo Bioscience

(RTTNews) - Myriad Genetics, Inc. (MYGN) said Tuesday that it has agreed to buy Crescendo Bioscience, Inc. for $270 million in cash which will be reduced by $25 million for the repayment of a loan made to Crescendo and customary adjustments in accordance with the acquisition agreement.

The deal is expected to close before the end of Myriad's fiscal year 2014.

Crescendo was founded in July 2002 and is a molecular diagnostic laboratory in the area of inflammatory and autoimmune diseases. Their core product, Vectra DA, is a quantitative, protein-based test to routinely assess rheumatoid arthritis disease activity and provide rheumatologists with expanded clinical insights to more effectively treat their patients.

Crescendo Bioscience, Inc. will retain its name and operate as a wholly owned subsidiary of Myriad Genetics, Inc. based in South San Francisco.

Myriad plans to fund the deal entirely through cash on hand and anticipates having sufficient cash following the deal to continue its current $300 million share repurchase program.