NEW YORK (GenomeWeb News) – Myriad Genetics announced after the close of the market on Thursday that its board of directors has set the record and distribution dates for the spinoff of its wholly owned subsidiary, Myriad Pharmaceuticals.
The firm said that Myriad Genetics' shareholders of record on June 17 will receive on June 30 a pro-rata dividend of .25 share of Myriad Pharmaceuticals common stock for each share of Myriad Genetics held. Fractional shares will be paid in cash.
Myriad had announced its plans to split up the businesses last October, with plans for Myriad Genetics to retain the molecular diagnostics business, and Myriad Pharmaceuticals to focus on drug development programs.
Myriad said today that in an effort to help facilitate research programs at Myriad Pharmaceuticals it would transfer $188 million to the spinoff.