Myriad Genetics, seen here in this June 2013 file photo, is acquiring global diagnostics company, Crescendo Biosciences in a $270 million cash deal.

Laura Seitz, Deseret News

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SALT LAKE CITY A local genetics testing giant is acquiring a global diagnostics company that is leading out in autoimmune and inflammatory diseases common to the American public and throughout the world.

Officials at Salt Lake City-based Myriad Genetics hope that by expanding its base and incorporating novel protein-based diagnostics for monitoring disease activity, it can impact more lives.

In a Tuesday announcement, Myriad officials said it is planning to pay $270 million for California-based Crescendo Biosciences, a molecular diagnostics company dedicated to developing and commercializing quantitative blood tests for rheumatoid arthritis and other autoimmune diseases.

"Crescendo Bioscience fits well into our diagnostic portfolio that is focused on saving lives and improving the quality of life of patients across major diseases," said Peter Meldrum, Myriad president and CEO. He said the products from both companies pair well and promise a great future for the company.

Meldrum said Crescendo's core product, a quantitative protein-based test called Vectra DA, "represents a $3 billion global market opportunity for Myriad," which already markets its genetics testing products in the United States and abroad.

The tests help find gene mutations, of which Myriad can classify as harmful or benign. The company promises a less than two-week turnaround time for its tests, which is "essential where the technical results may guide surgical decisions," Meldrum said.

"Gene mutation classification is a numbers game and since we test hundreds of thousands of patients every year, we believe we will dramatically expand our mutation classification advantage and further widen the gap between Myriad and its competition," he said.

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Myriad Genetics to expand with acquisition of disease monitoring company

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