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Myriad's Stock Edges Up After Split

NEW YORK (GenomeWeb News) – Shares of Myriad Genetics were trading up 2 percent at $45.44 in mid-afternoon trade on the Nasdaq following the two-for-one split of its shares before the market opened today.

The Salt Lake City-based molecular diagnostics firm announced the split last month. Following the split, it has around 95 million shares outstanding.

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.

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