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Myriad IPO

This article was originally published in The Gray Sheet

Executive Summary

Proteomics collaboration with Hitachi and Oracle to identify drug targets is prepping to go public, according to the firm. Collaborators on the project, which is currently dubbed Myriad Proteomics, are waiting for amenable market conditions to launch an initial public offering. The operation, including a fully functioning data-generating facility in Salt Lake City with a 65-member staff, was launched in 2001 to compete with Celera Genomics (1"The Gray Sheet" April 23, 2001, In Brief). Myriad contributed $82 mil. in technology to the alliance, retaining a 50% stake in the $185 mil. venture...

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Myriad Genetics

Proteomics collaboration with Hitachi and Oracle may include development of diagnostics and therapeutics as well as primary goal of creating a proprietary database to be marketed to other pharmaceutical and biotechnology companies, the firm says. Valued at $185 mil., the alliance to map the human proteome in less than three years will compete with proteomics firm Celera Genomics. Myriad will contribute $82 mil. in technology to the alliance and retain a 50% stake. Electronics firm Hitachi, software company Oracle and investment banking firm Friedli Corporate Finance will contribute $85 mil. in cash, plus $18 mil. in technology

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