Thursday, September 8, 2011

Crescendo Bioscience raises $56M, gives buyout option to Myriad

Myriad Genetics Inc. will invest $25 million in Crescendo Bioscience — with an option to buy the South San Francisco molecular diagnostics company — as Crescendo raises an additional $31 million in a Series C round.
The investment by Salt Lake City-based Myriad is structured as long-term debt and is nondilutive to current stockholders, Crescendo said in a press release Thursday. Myriad, best known for its monopoly on a genetic test for breast cancer risk, has a three-year option to buy Crescendo for cash at a predetermined multiple of revenue. That price is based on the growth rate of Crescendo when the option is exercised.

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