Fierce Biotech reports that Myriad Genetics and Abbott have struck a testing deal where Myriad will perform genetic testing on breast cancer patients. The testing will help Abbott identify the patient populations who likely will respond to drugs under test in clinicals. Abbott declined to name the drugs.
Myriad of course has been in the news a lot this year due to Judge Sweet's ruling that several parts of the patents it had licensed as the basis for its breast cancer testing service were invalid. Myriad filed an appeal to this decision late last week.
This new deal injected some life into Myriad's stock price which went up 3.2% on the news. There were also takeover rumors in the market as Myriad was described as "more of a potential takeover candidate" due to the Abbott deal and other similar deals it has in place.
Posted by Bruce Lehr October 28th 2010.