Myriad Genetics, a company in molecular diagnostic testing and precision medicine, closed a five-year senior secured term loan credit facility providing up to $200 million of capital from OrbiMed, a global healthcare investment firm. The facility includes $125 million of funded capital with an option to borrow up to an additional $75 million until June 30, 2027. This facility matures on July 31, 2030, and bears interest at a rate based upon the one-month secured overnight financing rate (SOFR) plus 6.50% per year, subject to a SOFR floor of 2.50% per year.
“We are excited to partner with OrbiMed, a leading global healthcare investment firm. We value their insight and financial backing, which supports our ability to pursue our near-term objectives and long-term growth plan,” Scott Leffler, chief financial officer of Myriad Genetics, said. “Between this credit facility and our cash and cash equivalents, we now have access to more than $200 million in capital to support the company’s growth strategy, which we will speak to in more detail on our upcoming second quarter earnings call.”
“We are pleased to partner with Myriad to support the company’s growth strategy,” Matthew Rizzo, general partner of OrbiMed, said. “We believe Myriad’s portfolio of diagnostic tests provide critical insights that enable healthcare providers to deliver better care to patients.”
The new credit facility with OrbiMed replaces Myriad’s previous ABL facility. The credit facility is secured by substantially all the assets of Myriad Genetics and its subsidiaries. Evercore served as exclusive financial advisor to Myriad Genetics on this transaction.
