Skip to main content
Premium Trial:

Request an Annual Quote

Myriad Genetics to Raise $110M in Public Stock Offering

NEW YORK – Myriad Genetics said Wednesday after the close of the market that it is selling 6,470,588 shares of its common stock for $17 per share in an upsized underwritten public offering with expected gross proceeds of approximately $110 million before underwriting discounts, commissions, and offering expenses.

The offering price is at a discount to Wednesday's close on the Nasdaq of $17.89 per share. In premarket trade on Thursday morning, shares of Myriad were down 5 percent at $17.01.

The company also granted the underwriters a 30-day option to purchase up to another 970,588 shares of its common stock at the public offering price. The offering is expected to close on Nov. 13.

Myriad said it intends to use approximately $40 million of the net proceeds to repay all outstanding loans from its asset-based revolving credit facility, including accrued and unpaid interest. It also plans to use $57.5 million of the net proceeds to pay the remaining portion of a settlement to resolve a class action lawsuit. The remainder of the proceeds will go toward working capital and general corporate purposes.

Goldman Sachs, Morgan Stanley, and Wells Fargo Securities are acting as joint bookrunning managers for the offering.

Earlier this week, Myriad reported third quarter revenue growth of 23 percent driven by particularly strong sales for its hereditary cancer and prenatal tests. It ended the quarter with $76 million in cash and cash equivalents and $10.3 million in marketable investment securities.