NEW YORK (GenomeWeb News) – Myriad Genetics today said that its board of directors has authorized the repurchase of an additional $100 million of the firm's outstanding common stock.
The Salt Lake City-based molecular diagnostics firm already repurchased $100 million of its common stock under the initial repurchase program started this past May. It plans to repurchase the additional shares on the open market or through privately negotiated purchases and expects to complete the program by 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," Myriad CFO James Evans said in a statement.
In early Tuesday trade on the Nasdaq, shares of Myriad were up 1 percent at $15.80.