Castle Biosciences, a skin cancer diagnostics company, announced it has signed a definitive agreement to acquire Myriad myPath, LLC (Myriad myPath Laboratory) from Myriad Genetics for $32.5 million, according to a news release.
Myriad myPath Laboratory is a CLIA-certified laboratory in Salt Lake City, where the myPath Melanoma 23-gene expression profile (GEP) test was developed and is currently owned and offered.
myPath Melanoma is a clinically validated GEP test designed to be used as an adjunct to histopathology when the distinction between a benign nevus and a malignant melanoma cannot be made confidently by histopathology alone.
Castle will finance the acquisition price with cash and cash equivalents on hand. The transaction is expected to close approximately four weeks post signing, at which time Castle will be the successor owner of Myriad myPath Laboratory.
Castle said it currently offers DecisionDx DiffDx-Melanoma, a 35-GEP test designed to characterize difficult-to-diagnose melanocytic lesions. myPath Melanoma is a distinct test, which Castle anticipates will complement its current offerings and enable Castle to provide a comprehensive molecular testing solution for difficult-to-diagnose melanocytic lesions.
