Myriad Genetics Signs Definitive Agreement to Sell Myriad myPath Melanoma, LLC, Laboratory to Castle Biosciences

SALT LAKE CITY, April 27, 2021 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, announced that it has signed a definitive agreement to sell the Myriad myPath Melanoma, LLC, Laboratory, which is the laboratory that offers the myPath Melanoma test, to Castle Biosciences for $32.5 million in cash. Castle Biosciences is a specialty laboratory focused on advanced diagnostics for dermatologic cancers.

“We are pleased to sign an agreement with Castle Biosciences that meets our objective of ensuring patients continue to have access to this important test and providing value for our shareholders,” said Paul J. Diaz, president and CEO of Myriad Genetics. “The divestiture of Myriad myPath Melanoma will allow Myriad to focus on it’s core businesses in Women’s Health, Oncology, and Mental Health and provide growth capital for future investment.”
        
myPath Melanoma has been used by almost 40,000 patients to guide treatment decisions and has been ordered by approximately 20% of dermatopathologists in the country. The deal is subject to customary closing requirements and Myriad expects the transaction to close in its fiscal second quarter.

About Castle Biosciences
Castle Biosciences develops and commercializes diagnostic and prognostic tests for dermatologic cancers. The company’s tests provide clinically actionable, tumor-specific genomic information to enable more accurate treatment plan decisions. Castle Biosciences believes that the traditional approach to developing a treatment plan for dermatologic cancers using clinical and pathology factors alone is inadequate, and can be improved by incorporating personalized genomic information.

About Myriad Genetics
Myriad Genetics Inc., is a leading genetic testing and precision medicine company dedicated to advancing health and wellbeing, empowering individuals with vital genetic insights and enabling healthcare providers to better detect, treat and prevent disease. Myriad discovers and commercializes genetic tests that: determine the risk of developing disease, accurately diagnose disease, assess the risk of disease progression, and guide treatment decisions across medical specialties where genetic testing can significantly improve patient care and lower healthcare costs. For more information on how Myriad fulfills its purpose, please visit the Company's website: www.myriad.com.