Myriad Genetics will pay $375m in cash and stock for genetic screening provider Counsyl, allowing Illumina Ventures to exit.

Genomics technology producer Illumina is set to exit US-based genetic screening service Counsyl, after the latter agreed to a $375m acquisition by molecular testing service provider Myriad Genetics.

Counsyl’s shareholders are entitled to receive up to 25% of the $375m in Myriad stock, not exceeding 3 million shares, and will become a wholly-owned subsidiary of Myriad once the deal closes in the first fiscal quarter of 2019.

Founded in 2007, Counsyl operates a laboratory that offers low-cost carrier, non-invasive prenatal and…