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Myriad to Buy Back $100M in Shares

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Myriad Genetics said after the close of the market Tuesday that its board of directors has authorized a $100 million stock repurchase program.

The latest buyback is the firm's third $100 million share repurchase program.

Myriad said that as part of the program announced yesterday it has entered into an accelerated share repurchase agreement with JP Morgan, under which it will repurchase around $50 million of its common stock. The Salt Lake City-based molecular diagnostics firm noted that over the past 12 months it has returned $200 million to shareholders through the completion of its previously authorized stock repurchase program.

"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," Myriad CFO James Evans said in a statement.

Myriad expects to complete this latest repurchase by the end of 2011. As of the end of January 2011, it had more than $502 million in cash, cash equivalents, and marketable securities.

In early Wednesday trade on the Nasdaq, shares of Myriad were up 3 percent at $19.09.

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