Myriad Genetics, Inc. (MYGN) Message Board

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Biotech / Medical : Myriad Genetics, Inc. (MYGN)

MYGN 8.180

+1.8%

3:59 PM EST

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From: tnsaf	10/20/2008 7:56:06 PM
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Myriad Genetics to spin off drug development business Mon Oct 20, 2008 6:20pm EDT Oct 20 (Reuters) - Myriad Genetics Inc (MYGN.O: Quote, Profile, Research, Stock Buzz) said it would spin off its research and drug development business from its molecular diagnostics business to form two independent public companies. The molecular diagnostics business would operate under the name Myriad Genetics Inc, while the research and drug development business would be named Myriad Pharmaceuticals Inc, the company said in a statement. The company expects the proposed spin-off to be completed as a pro-rata dividend distribution to shareholders of Myriad Genetics. Myriad had announced plans to spin off the drug development business in August, when analysts said the separation of the two businesses could create value for Myriad by allowing it to focus on its core diagnostics business. Myriad Pharmaceuticals, the spun-off new biotechnology company, would employ about 200 individuals and pursue research and development in the areas of cancer and infectious diseases. Myriad Genetics would be listed on the New York Stock Exchange under the ticker symbol "MGX", and Myriad Pharmaceuticals will be listed on Nasdaq under the company's current ticker symbol "MYGN." Myriad has retained J.P. Morgan as its financial advisor for the spin-off. Shares of the company closed up 3 percent at $58.97 Monday on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Amitha Rajan)

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