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Myriad Genetics' M&A Buys Into Protein-Based Testing

Oncology oriented Myriad Genetics is investing $25 million in Crescendo Bioscience, a developer of molecular diagnostics for inflammatory disorders. The deal aims at more than a financial return: it includes a 3-year option to acquire Crescendo. That would strengthen Myriad's protein-based test development capabilities. Adding Crescendo to the fold would be consistent with Myriad's focus on service-based offerings -- often a predicate for success in commercializing high-value diagnostics.

In keeping with its goal of diversifying revenues to go beyond oncology, Myriad Genetics Inc. is investing $25 million in the success of Crescendo Bioscience Inc., a developer of molecular diagnostics for rheumatoid arthritis (RA) and other inflammatory disorders. [See Deal] The financing adds to a just-closed $31 million Series C financing by Crescendo, which launched its first test, Vectra DA, for monitoring RA disease activity, last November. That round was led by Aeris Capital and included existing investors Mohr Davidow Ventures, Kleiner Perkins Caufield & Byers, and others. [See Deal]

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