An Ohio biotechnology firm funded by the Mayo Clinic and Mayo Clinic Ventures in Rochester, Minn., was purchased by Salt Lake City-based Myriad Genetics for nearly $225 million, according to the Post-Bulletin.
Should Mason, Ohio-based Assurex hit specific performance goals, the deal could reach up to $410 million.
The transaction is set to close in October.
Mayo financed Assurex's most profitable medical device, GeneSight, a test that analyzes psychiatric patients' genes to determine the best antidepressant and antipsychotic drugs to treat the patient. Mayo has forfeited its intellectual property license for the test in the sale, but the clinic may still retain some investment.
Assurex launched in 2006. More than 450 employees will retain their jobs. Officials plan to keep Assurex's headquarters in Ohio.