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Myriad Completes Spin Off of Pharma Business

NEW YORK (GenomeWeb News) – Myriad Genetics said after the close of the market Wednesday that it has completed the spin off of Myriad Pharmaceuticals.

The spin off happened on schedule, with Myriad Genetics' shareholders of record as of June 17, receiving a pro-rata dividend of one quarter of a share of Myriad Pharmaceuticals for each share of Myriad Genetics. Fractional shares were paid in cash, the firm said.

As of yesterday, Myriad Genetics has no ownership of Myriad Pharmaceuticals, and the two firms operate completely independently of each other.

Myriad Genetics said that it has retained the rights to claim $400 million in tax deductions based on net operating losses and R&D credits that had accrued to the firm prior to the dividend distribution.