-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PtR6SRKiiVknDg7qPk0VH9ZBpfzGMfbFeC5xsxAWnfguXBEWYVKiR0oE3LU2f0jX AqBGvRJW646sxieHq+1+5A== 0001181431-10-044899.txt : 20100831 0001181431-10-044899.hdr.sgml : 20100831 20100831124601 ACCESSION NUMBER: 0001181431-10-044899 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100831 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100831 DATE AS OF CHANGE: 20100831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MYRIAD GENETICS INC CENTRAL INDEX KEY: 0000899923 STANDARD INDUSTRIAL CLASSIFICATION: IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835] IRS NUMBER: 870494517 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26642 FILM NUMBER: 101049247 BUSINESS ADDRESS: STREET 1: 320 WAKARA WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84108 MAIL ADDRESS: STREET 1: 320 WAKARA WAY CITY: SALT LAKE CITY STATE: UT ZIP: 84108 8-K 1 rrd285286.htm MYRIAD GENETICS AUGUST 31, 2010 8-K Prepared By R.R. Donnelley Financial -- Form 8-K
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
Form 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):  08/31/2010
 
Myriad Genetics, Inc.
(Exact name of registrant as specified in its charter)
 
Commission File Number:  0-26642
 
Delaware
  
87-0494517
(State or other jurisdiction of
  
(IRS Employer
incorporation)
  
Identification No.)
 
320 Wakara Way
Salt Lake City, UT 84108
(Address of principal executive offices, including zip code)
 
(801) 584-3600
(Registrant’s telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[  ]   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ]   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ]   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ]   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 

 
Item 8.01.    Other Events
 
On August 31 2010, the Company announced that its Board of Directors 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. 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 June 30, 2011.
 
 
Item 9.01.    Financial Statements and Exhibits
 
(d)        

Exhibit                         

Number            

99.1

Description

Press release dated August 31, 2010 announcing Board of Directors authorization of a share repurchase program.

 

 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
           
Myriad Genetics, Inc.
 
 
Date: August 31, 2010
     
By:
 
/s/    Peter D. Meldrum
               
Peter D. Meldrum
               
President and Chief Executive Officer
 
 

 

EXHIBIT INDEX
 
Exhibit No.
  
Description
EX-99.1
  
EX-99.1 2 rrd285286_32826.htm Exhibit 99

Exhibit 99.1

Contact:

Suzanne Barton

Director, Investor Relations

(801) 584-1138

sbarton@myriad.com

FOR IMMEDIATE RELEASE 8/31/10, 6:30 AM EDT

myriad announces

additional stock repurchase program

- Board of Directors Authorizes Repurchase of $100 Million of Common Stock -

Salt Lake City, August 31, 2010 - 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.

About Myriad Genetics

Myriad Genetics, Inc. is a leading molecular diagnostic company focused on developing and marketing novel predictive medicine, personalized medicine and prognostic medicine products. Myriad's news and other information are available on the Company's Web site at www.myriad.com.

Myriad, the Myriad logo, BRACAnalysis, Colaris, Colaris AP, Melaris, TheraGuide, Prezeon, OnDose, and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-F

 

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the commencement and completion of the repurchase of $100 million 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's expectation that the share repurchase program will be completed on or before June 30, 2011; the Company's confidence in the long-term potential for the Company as reflected by the stock repurchase program; the Company's commitment to the return of capital to the Company's shareholders; and the funding of the stock repurchase from available cash. These "forward-looking statements" are based on management's current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to: the risk that sales and profit margins of our existing molecular diagnostic products may decline or will not continue to increase at historical rates; the risk that we may be unable to develop or achieve commercial success for additional molecular diagnostic products in a timely manner, or at all; the risk that licenses to the technology underlying our molecular diagnostic products and any future products are terminated or cannot be maintained on satisfactory terms; risks related to delays or other problems with manufacturing our products or operating our laboratory testing facilities; risks related to public concern over our products; risks related to regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of healthcare payment systems; uncertainties about our ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products and services; the risk that we or our licensors may be unable to protect the proprietary technologies underlying our products; the risk of patent-infringement claims or challenges of our patents; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading "Risk Factors" contained in Item 1A in our Annual Report on Form 10-K for the year ended June 30, 2010, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our Quarterly Reports on Form 10-Q or Current Reports on Form 8-K. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.

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