Myriad Genetics announces repurchase of $100 million shares

Myriad Genetics, Inc. (Nasdaq:MYGN) today announced that its Board of Directors has authorized the repurchase of an additional $100 million of the Company's outstanding common stock, following the completion of its previously authorized stock repurchase program initiated in May 2010.

As a result of its initial stock repurchase program, Myriad returned $100 million to its shareholders through the repurchase of 5.7 million shares of common stock, at an average price of $17.54 per share. The shares that the Company repurchased represents 5.8% of its total issued and outstanding shares.

Under the new authorization, the Company plans to repurchase an additional $100 million of shares of its common stock from time-to-time in open market purchases or privately negotiated purchases as determined by the Company's management. Myriad expects to complete the new share repurchase on or before June 30, 2011.

"The expansion of our stock repurchase program reflects our confidence in the long-term potential for Myriad Genetics and our commitment to increasing shareholder value by returning capital to our shareholders," said James Evans, Chief Financial Officer of Myriad Genetics, Inc.

Based on Myriad's closing share price on August 30, 2010, the new $100 million stock repurchase represents approximately 6.9% of the Company's total market capitalization. The stock repurchase will be funded from existing cash on hand. As of July 31, 2010, the Company had more than $503 million of cash, cash equivalents, and marketable securities.

Source : Myriad Genetics