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Subsequent Events | 12 Months Ended
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Jun. 30, 2016
Subsequent Events [Abstract] |
Subsequent Events |
17. | SUBSEQUENT EVENTS
On August 3, 2016, Myriad Genetics, Inc. (“Myriad”) entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Myriad Merger Sub, Inc., a wholly owned subsidiary of the Company (“Merger Subsidiary”), Assurex Health, Inc. (“Assurex”), and Fortis Advisors LLC, as the representative of the securityholders of Assurex. The Merger Agreement provides that Myriad will pay an aggregate cash purchase price to the security holders of Assurex of $225 million, subject to adjustment for Assurex’s working capital and indebtedness and other amounts to be determined in accordance with the Merger Agreement (as adjusted, the “Purchase Price”). Additionally, subject to the limitations described in the Merger Agreement , Myriad will be required to pay securityholders additional amounts in cash of up to $185 million in performance-based milestones (the “Additional Payments,” and together with the Purchase Price, the “Merger Consideration”). The acquisition is structured as a reverse triangular merger transaction in which the Merger Subsidiary will merge with and into Assurex, with Assurex surviving the merger as the surviving corporation and a wholly owned subsidiary of Myriad (the “Merger”). The Merger Agreement contains certain termination rights for Myriad and Assurex, including the right by either party to terminate the Merger Agreement if the Merger has not occurred within two months of the signing of the Merger Agreement. The Closing is expected to occur before the end of the first quarter of Myriad’s fiscal year 2017, and is subject to customary closing conditions and regulatory approval including, among others, antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Myriad intends to fund the transaction through cash on hand and possibly short-term debt. The acquisition is not subject to a financing contingency. The Merger Agreement was approved by the Board of Directors of both Myriad and Assurex, and is conditioned on receiving the requisite stockholder approval of the Assurex stockholders.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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