As part of its $25m in non-dilutive debt, Myriad has a three-year option to acquire Crescendo Bioscience for a predetermined multiple of revenue based on its current growth rate.
Crescendo Bioscience, a US-based developer of tests for rheumatoid arthritis, has raised $31m in its series C round with a further $25m in venture debt and buyout option provided by strategic investor Myriad Genetics.
As part of its $25m in non-dilutive debt, Myriad has a three-year option to acquire Crescendo Bioscience for a predetermined multiple of revenue. It is relatively unusual for a company to provide a venture debt package while taking out a takeover option but offers the venture…
