This partnership is a commitment to offer a comprehensive suite of women’s health testing solutions before, during, and after pregnancy.
LA JOLLA, Calif. (PRWEB)
November 01, 2022
Gateway Genomics Joins Forces with Myriad Genetics to Further the Accessibility of Genetic Information to Consumers
With a focus on serving soon-to-be-parents through direct-to-consumer channels and participating medical locations, the company brings a sizeable consumer base and clinical network to Myriad Genetics’ prenatal and women’s health business.
Gateway Genomics, developer of direct-to-consumer genetic tests that give families insight into their future children, announces its acquisition by Myriad Genetics, Inc., a leader in genetic testing and precision medicine. Gateway Genomics’ flagship product, the SneakPeek® Early Gender DNA Test, lets parents know the gender of their baby at 6 weeks into pregnancy with 99% accuracy, the earliest method in the world.
With strong brand loyalty, online reviews and Net Promoter Scores, SneakPeek has over 4 million visitors annually to its website and is available through sneakpeektest.com, online channel partners, and more than 1,850 clinicians. It is the best-selling prenatal DNA test on Amazon and the top searched gender test on Google. Consumers who use SneakPeek now can be further educated on the benefits of other forms of genetic testing offered by Myriad Genetics, including non-invasive prenatal screening, carrier screening and hereditary cancer testing.
In mid-2021, the company introduced SneakPeek Snap ®, an automated way for moms to collect blood samples from the arm, in the comfort of their own home. The Snap blood collection device is an extensible innovation that makes it easy for consumers to collect a sample and expands access to affordable testing at home.
“We’re very excited about this opportunity to bring the expertise of our entire team to Myriad to further extend Myriad’s market reach and serve the large, worldwide consumer and clinical base of both companies,” said Gateway Genomics CEO, Chris Jacob. “This partnership represents more than a simple transaction; it is a commitment to offer a comprehensive suite of women’s health testing solutions before, during, and after pregnancy.”
“Together with Myriad, we will further strengthen our focus on product innovation, quality, ease of use, and excellent customer service,” continued Jacob. “Myriad shares our mission to provide genetic insights through the highest-quality tests and services possible. We see numerous commercial synergy opportunities for the combined companies and believe that by joining forces we will increase accessibility to genetic testing and bring the best of both companies to all of our customers.”
Myriad Genetics acquired Gateway Genomics for an upfront cash purchase price of $67.5 million, subject to customary adjustments, and up to $32.5 million in contingent cash consideration upon the achievement of certain performance-based milestones. Raymond James acted as the exclusive financial advisor and Gunderson Dettmer Stough Villeneuve Franklin & Hachigian LLP served as legal advisor to Gateway Genomics in connection with the transaction.
About Gateway Genomics
Gateway Genomics is a personal genomics company with the mission to develop leading-edge genetic tests that give families a new level of understanding about their future children. Since inception, more than 750,000 SneakPeek Early Gender DNA tests have been provided to help new parents bond with their babies, make plans, and connect with friends and family around them. Located in La Jolla, CA, Gateway Genomics has been recognized as an Inc 5000 Fastest Growing Company for four consecutive years.
About Myriad Genetics
Myriad Genetics is a leading genetic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad develops and offers genetic tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where genetic insights can significantly improve patient care and lower healthcare costs. Fast Company named Myriad among the World’s Most Innovative Companies for 2022.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements that the combination will further strengthen Gateway’s strong focus on product innovation, quality, ease of use and excellent customer service, the combination may provide commercial synergy opportunities, and joining forces will increase accessibility of genetic testing to customers. These “forward-looking statements” are management’s expectations of future events as of the date hereof and are subject to known and unknown risks and uncertainties that could cause actual results, conditions, and events to differ materially and adversely from those anticipated.
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