Myriad Announces New $100 Million Share Repurchase Program

SALT LAKE CITY, March 1, 2011 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (Nasdaq:MYGN) announced today that its Board of Directors has authorized a third $100 million stock repurchase program. In connection with this stock repurchase authorization, the Company has entered into an accelerated share repurchase (ASR) agreement with J.P. Morgan under which it will repurchase approximately $50 million of its common stock. During the past twelve months, the Company has returned $200 million to shareholders through the completion of its previously authorized stock repurchase programs.  

"We are confident in Myriad's current and future growth prospects," said James Evans, Chief Financial Officer of Myriad Genetics, Inc. "Our balance sheet and cash flow generation are very strong and we continue to believe that the repurchase program is an effective means to return capital to shareholders."

Under the ASR program, Myriad will pay an aggregate of approximately $50 million to J.P. Morgan to repurchase a number of shares that will be based on a discount to the average volume-weighted average share price of its common stock over the course of a valuation period.

The remaining $50 million of authorization will be made through open market or privately negotiated purchases as determined by the Company's management. The amount and timing of the remaining $50 million stock repurchases will depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors. 

Myriad expects to complete the remaining $50 million stock repurchase on or before December 31, 2011 using existing cash on hand. As of January 31, 2011, the Company had more than $502 million of cash, cash equivalents, and marketable securities.

About Myriad Genetics

Myriad Genetics, Inc. (Nasdaq:MYGN) is a leading molecular diagnostic company dedicated to developing and marketing novel predictive, personalized and prognostic medicine products to assess a person's risk of developing disease and guide treatment decisions. Myriad's portfolio of nine molecular diagnostic products are based on an understanding of the role genes play in human disease and were developed with a focus on improving an individual's decision making process for monitoring and treating disease. With fiscal year 2010 annual revenue of over $360 million and approximately 1,000 employees, Myriad is working on strategic initiatives, including new product introductions, companion diagnostics, and international expansion, to take advantage of significant growth opportunities. For more information on how Myriad is making a difference, please visit the Company's website: www.myriad.com . 

Myriad, the Myriad logo, BRACAnalysis, COLARIS, COLARIS AP, MELARIS, TheraGuide, PREZEON, OnDose, Prolaris and PANEXIA are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries.  MYGN-G, MYGN-F