NEW YORK (GenomeWeb News) – Myriad Genetics said after the close of the market on Tuesday that its board of directors has approved a two-for-one split of the firm's common stock, which will take effect next month.
The Salt Lake City-based molecular diagnostics firm said that the split would be effected in the form of a dividend, which is payable on March 25 to shareholders of record at the close of business on March 9. Under the split, shareholders will receive one additional share for each share held.
As a result of the split, Myriad will have around 95 million shares outstanding.
In addition, the split will alter the number of shares distributed to current shareholders in Myriad Pharmaceuticals, the proposed spinoff of Myriad's drug development business, which is expected to take place in the second quarter. Myriad has initially intended to grant its shareholders a half share of Myriad Pharmaceuticals stock for each share of Myriad Genetics held. Now, the firm expects to issue one quarter of a share in the new entity.
In early Wednesday trade on the Nasdaq, Myriad's shares were up 2 percent at $83.77.