OTAF II Portfolio Company Assurex Health Agrees to Be Acquired by Myriad Genetics
Bells are ringing for Assurex Health, an Ohio company, born and raised.
Myriad Genetics (NASDAQ: MYGN), a recognized leader in molecular diagnostics and personalized medicine, has signed a definitive agreement to acquire Assurex Health for $410MM. The transaction is expected to close by September 30, 2016. Assurex Health will become a wholly owned subsidiary of Myriad Genetics.
Assurex Health, a leader is genetic testing to guide behavioral health medication, brings to Myriad, GeneSight®, one of the fastest growing new diagnostic tests in the multi-billion-dollar neuroscience market. Neuroscience is highest potential growth areas for personalized medicine.
If ever there was proof positive of the Ohio’s Backyard Effect, Assurex Health is it. The technology was originally licensed from Cincinnati Children’s Hospital Medical Center.
In addition to Ohio TechAngel Funds, the firm received support and investment from a cadre of Ohio investors, including Queen City Angels, CincyTech, Blue Chip Ventures, Allos Ventures, and North Coast Angel Fund.
Company headquarters will remain in Mason, OH, home to more than 250 of Assurex Health’s 450 Ohio employees.
Assurex Health’s press release.
Myriad Genetics’ press release.