Safeguard Scientifics: Partner Firm Crescendo To Be Acquired By Myriad Genetics

(RTTNews) - Safeguard Scientifics, Inc. (SFE) Wednesday said its partner company Crescendo Bioscience, Inc. signed an amended agreement to be acquired by Myriad Genetics, Inc. (MYGN).

The purchase price is $270 million in cash, minus $25 million for the repayment of a loan made to Crescendo by Myriad in 2011 and subject to further adjustment for Crescendo's cash, other debt, working capital and other amounts to be determined in accordance with the acquisition agreement.

The transaction is expected to close in the fiscal quarter ending March 31. Safeguard expects to receive around $40 million in aggregate cash proceeds pending final closing calculations.

Safeguard has deployed $11 million in Crescendo since December 2012 and has a 13 percent primary ownership position.

Gary Kurtzman, MD, Managing Director, Healthcare at Safeguard and chairman of the board at Crescendo, said, ''Crescendo's first and only multi-biomarker blood test for rheumatoid arthritis (RA), VectraTM DA, has the opportunity to help the 1.5 million people in the United States and more than 4 million worldwide more accurately monitor their RA and make informed treatment decisions together with their physicians."