Myriad Genetics (MYGN +8.1%) has settled a patent suit against fellow diagnostic testing firm Gene by Gene. As part of the deal, Gene by Gene will stop selling diagnostic tests in North America (but not elsewhere) that "include analysis of the BRCA1 and/or BRCA2 genes as a standalone test or in conjunction with gene panels."
Gene by Gene will continue selling its whole genome/exome products in North America, as well as "custom array products that test variants for inherited Mendelian disorders."
Myriad has sued a slew of companies for allegedly infringing its BRCA1/BRCA2 gene testing IP.
Shares are adding to the gains it saw earlier this week in response to its FQ2 beat and the Crescendo Biosciences acquisition. Helping Myriad's cause: Credit Suisse has belatedly upgraded shares to Neutral.