Myriad Genetics secures $200 million credit facility from OrbiMed, enhancing capital for growth strategy and molecular diagnostics.
Quiver AI Summary
Myriad Genetics, Inc. has secured a five-year senior secured term loan credit facility of up to $200 million from OrbiMed, a prominent global healthcare investment firm. The facility includes $125 million in initially funded capital, with the option to borrow an additional $75 million by June 30, 2027. It carries an interest rate based on the one-month secured overnight financing rate (SOFR) plus 6.50%, with a minimum SOFR floor of 2.50%. This funding will aid Myriad in advancing its growth strategy and follows the replacement of a previous asset-based lending facility. Myriad's CFO, Scott Leffler, highlighted the importance of this partnership with OrbiMed to support the company’s objectives, while OrbiMed expressed confidence in Myriad's diagnostic tests contributing to improved patient care. Further details will be discussed in Myriad's upcoming earnings call.
Potential Positives
- Myriad Genetics secured a $200 million senior secured term loan credit facility, which provides significant capital to support its growth strategy.
- The partnership with OrbiMed, a reputable healthcare investment firm, enhances Myriad's financial backing and credibility in the market.
- The facility replaces a previous ABL facility, indicating a strategic move towards better financial terms and optimized capital structure.
- Access to more than $200 million in capital, including cash and cash equivalents, positions Myriad well to pursue its near-term objectives and long-term growth plan.
Potential Negatives
- The credit facility is secured by substantially all the assets of Myriad Genetics and its subsidiaries, indicating potential financial vulnerability if the company is unable to meet its repayment obligations.
- The press release emphasizes the need for this substantial borrowing, which may raise concerns about the company's existing financial health and cash flow stability.
- The high interest rate of SOFR plus 6.50% could lead to significant financial strain, especially in a rising interest rate environment, impacting profitability.
FAQ
What is the purpose of Myriad Genetics' new credit facility?
The credit facility aims to support Myriad Genetics' near-term objectives and long-term growth strategy.
Who is providing the $200 million credit facility?
The credit facility is being provided by OrbiMed, a global healthcare investment firm.
What are the terms of the new credit facility?
The facility includes $125 million in funded capital and an option for an additional $75 million until June 30, 2027.
How does this facility impact Myriad Genetics' financial strategy?
This facility replaces the previous asset-based lending facility and enhances Myriad's access to capital for growth initiatives.
When will more details about the capital plans be shared?
More details will be discussed during Myriad Genetics' upcoming second quarter earnings call.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$MYGN Hedge Fund Activity
We have seen 119 institutional investors add shares of $MYGN stock to their portfolio, and 105 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- DISCIPLINED GROWTH INVESTORS INC /MN added 2,177,113 shares (+85.2%) to their portfolio in Q1 2025, for an estimated $19,310,992
- WELLINGTON MANAGEMENT GROUP LLP removed 1,412,334 shares (-23.5%) from their portfolio in Q1 2025, for an estimated $12,527,402
- BALYASNY ASSET MANAGEMENT L.P. added 779,405 shares (+934.7%) to their portfolio in Q1 2025, for an estimated $6,913,322
- CAMBER CAPITAL MANAGEMENT LP removed 750,000 shares (-24.2%) from their portfolio in Q1 2025, for an estimated $6,652,499
- D. E. SHAW & CO., INC. added 702,804 shares (+38.6%) to their portfolio in Q1 2025, for an estimated $6,233,871
- PORTOLAN CAPITAL MANAGEMENT, LLC added 549,922 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,877,808
- ARTISAN PARTNERS LIMITED PARTNERSHIP removed 489,473 shares (-17.7%) from their portfolio in Q1 2025, for an estimated $4,341,625
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$MYGN Analyst Ratings
Wall Street analysts have issued reports on $MYGN in the last several months. We have seen 4 firms issue buy ratings on the stock, and 1 firms issue sell ratings.
Here are some recent analyst ratings:
- Piper Sandler issued a "Overweight" rating on 05/15/2025
- Goldman Sachs issued a "Buy" rating on 05/07/2025
- Raymond James issued a "Outperform" rating on 05/07/2025
- B of A Securities issued a "Underperform" rating on 03/03/2025
- Craig-Hallum issued a "Buy" rating on 02/12/2025
To track analyst ratings and price targets for $MYGN, check out Quiver Quantitative's $MYGN forecast page.
$MYGN Price Targets
Multiple analysts have issued price targets for $MYGN recently. We have seen 8 analysts offer price targets for $MYGN in the last 6 months, with a median target of $8.5.
Here are some recent targets:
- Sung Ji Nam from Scotiabank set a target price of $6.0 on 05/21/2025
- Dave Weiner from Piper Sandler set a target price of $9.0 on 05/15/2025
- Brandon Couillard from Wells Fargo set a target price of $6.0 on 05/08/2025
- Matthew Sykes from Goldman Sachs set a target price of $8.0 on 05/07/2025
- Lu Li from UBS set a target price of $7.0 on 05/07/2025
- Andrew Cooper from Raymond James set a target price of $10.0 on 05/07/2025
- Derik De Bruin from B of A Securities set a target price of $11.0 on 03/03/2025
Full Release
SALT LAKE CITY, July 31, 2025 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc . (NASDAQ: MYGN), a leader in molecular diagnostic testing and precision medicine, today announced it has closed a five-year senior secured term loan credit facility providing up to $200 million of capital from OrbiMed, a leading 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,” said Scott Leffler, chief financial officer, Myriad Genetics. “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,” said Matthew Rizzo, General Partner of OrbiMed. “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. Additional details on the credit facility are included in the company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 31, 2025. Evercore served as exclusive financial advisor to Myriad Genetics on this transaction.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic testing and precision medicine company dedicated to advancing health and well-being for all. Myriad Genetics develops and offers molecular tests that help assess the risk of developing disease or disease progression and guide treatment decisions across medical specialties where molecular insights can significantly improve patient care and lower healthcare costs. For more information, visit www.myriad.com.
About OrbiMed
OrbiMed is a leading healthcare investment firm, with over $17 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, through private equity funds, public equity funds, and royalty/credit funds. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies. OrbiMed's team of over 130 professionals is based in New York City, London, San Francisco, Shanghai, Hong Kong, Mumbai, Herzliya, and other key global markets.
Safe Harbor Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the term loan credit facility and how it supports the company’s ability to pursue its near-term objectives and long-term growth plan. 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. Such factors include those risks described in the company’s filings with the U.S. Securities and Exchange Commission, including the company’s Annual Report on Form 10-K filed on February 28, 2025, as well as any updates to those risk factors filed from time to time in the company’s Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. Myriad is not under any obligation, and it expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
Investor Contact
Matt Scalo
(801) 584-3532
[email protected]
Media Contact
Katie Schraml
(224) 875-4493
[email protected]
