Recent Updates — MYGN
Myriad Genetics has entered into a definitive Asset Purchase Agreement with Laboratory Corporation of America (Labcorp) to sell its prenatal health testing business. The transaction includes the Foresight Carrier Screen, Prequel Prenatal Screen, FirstGene 4-in-1 Prenatal Screen, and SneakPeek Early Gender Test laboratory developed tests for $210 million in cash, plus the value of inventory at closing. Labcorp has agreed to make employment offers to certain employees of the business. The deal is subject to customary closing conditions, including Hart-Scott-Rodino antitrust clearance and regulatory approvals, with a termination fee of $10.5 million if regulatory clearances are not obtained. Myriad expects the transaction to be accretive to revenue growth and profitability while strengthening its balance sheet. Labcorp anticipates adding approximately $160 million in year-one revenue. The transaction is expected to close by early 2027. Myriad Genetics develops and commercializes molecular diagnostic tests for cancer care and precision medicine.
Myriad Genetics entered into a Separation Agreement with Brian Donnelly, its former Chief Commercial Officer, who departed effective September 16, 2026. The company will pay a lump sum of $1,322,294 upon the agreement's effectiveness on October 14, 2026, contingent on compliance with restrictive covenants and release of claims. Additionally, time-based equity awards scheduled to vest within two years post-separation are accelerated into monthly installments, while performance-based awards remain outstanding subject to their original conditions. Myriad Genetics operates in the healthcare sector, specializing in genetic testing and diagnostics.
Myriad Genetics announced that Brian Donnelly departed as Chief Commercial Officer effective September 16, 2026. The Board appointed Vishal Sikri, previously Senior Vice President of Product, to the role of Executive Vice President, Commercial, also effective September 16, 2026. Mr. Donnelly will remain a non-executive employee through September 21, 2026 to assist with the transition. The company reaffirmed its full-year 2026 financial guidance previously announced on July 30, 2026. Myriad Genetics operates in the molecular diagnostic testing and precision medicine industry.
Myriad Genetics reported second quarter 2026 revenue of $190.7 million, an 11% year-over-year decline driven by a 9% drop in average revenue per test and a 1% volume decrease. The company announced revised full-year 2026 financial guidance, lowering the revenue range to $770–$790 million from previous estimates and suspending Adjusted EBITDA guidance due to lower Prenatal Health volumes and payer friction pressures. Management initiated a strategic review and an efficiency program called Ascend, supported by a professional services firm, while continuing to expand its Cancer Care Continuum portfolio with new AI-enabled tests and coverage submissions. Myriad Genetics operates in the molecular diagnostic testing and precision medicine industry.
Daniel M. Skovronsky, M.D., Ph.D., resigned from the Board of Directors of Myriad Genetics, Inc. effective June 17, 2026. The resignation was not due to any disagreement with the company regarding its operations, policies, or practices. Myriad Genetics, Inc. is a biotechnology company providing genetic testing services.