Myriad Genetics authorizes $100M stock repurchase program

Myriad Genetics, Inc. (Nasdaq:MYGN) today announced that its Board of Directors has authorized the repurchase of $100 million of the Company's outstanding common stock.

In connection with this stock repurchase authorization, the Company plans to repurchase $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. The Company expects to complete the share repurchase on or before December 31, 2010.

"The stock repurchase program announced today reflects our confidence in the long-term potential for Myriad Genetics and our commitment to the return of capital to our shareholders," said James Evans, Chief Financial Officer of Myriad Genetics, Inc.

Based on Myriad's closing share price on May 3, 2010, the $100 million stock repurchase represents approximately 4.3% of the Company's total market capitalization. The stock repurchase will be funded from existing cash on hand. As of March 31, 2010, the Company had approximately $511 million of cash, cash equivalents, and marketable securities.