Genomics technology producer Illumina is set to exit US-based genetic screening service Counsyl, after the latter agreed to a $375m acquisition by molecular testing service provider Myriad Genetics.
Counsyl’s shareholders are entitled to receive up to 25% of the $375m in Myriad stock, not exceeding 3 million shares, and will become a wholly-owned subsidiary of Myriad once the deal closes in the first fiscal quarter of 2019.
Founded in 2007, Counsyl operates a laboratory that offers low-cost carrier, non-invasive prenatal and cancer screening. It has also developed a suite of tools that integrates its tests into existing clinical workflows and electronic medical records.
Counsyl has disclosed $173m in funding, most recently securing $80m from investment firm Perceptive Advisors in November 2017.
Rosemont Seneca Technology Partners and Goldman Sachs Asset Management co-led the company’s $28m series D round in 2014, investing alongside Illumina’s corporate venturing unit, Illumina Ventures, according to deals database PitchBook.
Illumina Ventures was an investor in the company as of April 2017, though further details of its involvement could not be confirmed, and it lists Counsyl as a portfolio company on its website.
Ramji Srinivasan, Counsyl’s chief executive, said: “We are excited to be joining the global leader in personalised medicine to create the largest women’s health genetic testing company in the world.
“As our physicians increasingly look for a single source of genetic testing, we can leverage our collective strengths to provide the highest quality genetic tests with a seamless customer experience.”