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Myriad to acquire California-based genetic screening company for $375M

Myriad Genetics Inc. agreed to acquire California-based genetic screening and DNA analysis service provider Counsyl Inc. for $375 million.

The Salt Lake City, Utah-based molecular diagnostic company plans to fund the deal through cash on hand, an existing revolving credit facility and the issuance of common stock.

Under the agreement, Counsyl shareholders have a right to receive up to 25% of the deal consideration in Myriad common stock based on a trailing 30-day average share price and the number of shares issued will not exceed 3 million shares.

According to a press release, Myriad had cash and cash equivalents of $209 million and $231 million available on its revolving credit facility at the end of the third fiscal quarter.

The company expects to close the deal, which is subject to customary closing conditions and regulatory approvals, in the first fiscal quarter of 2019. Counsyl will become a wholly owned subsidiary of Myriad after the completion of the deal.

Lazard is acting as the exclusive financial adviser to Myriad, while Mintz Levin Cohn Ferris Glovsky and Popeo PC is serving as legal counsel. Piper Jaffray is acting as the exclusive financial adviser to Counsyl and Cooley LLP is serving as legal counsel.