Current Report Filing (8-k)
February 24 2015 - 4:28PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2015
MYRIAD GENETICS, INC.
(Exact name of registrant as specified in its charter)
|
|
|
|
|
Delaware |
|
0-26642 |
|
87-0494517 |
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
320 Wakara Way
Salt Lake City, Utah 84108
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (801) 584-3600
Not Applicable
(Former
name or former address, if changed since last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
On February 19, 2015, the Board of Directors of Myriad Genetics,
Inc. (Myriad or the Company) authorized an additional $200 million stock repurchase program which the Company announced on February 24, 2015 attached hereto as Exhibit 99.1. The press release is hereby incorporated by
reference into this Item 8.01 of this Current Report on Form 8-K and is being filed pursuant to Item 8.01. The Company plans to repurchase its common stock from time to time or on an accelerated basis through open market transactions or
privately negotiated transactions as determined by the Companys management. The amount and timing of stock repurchases under the program will depend on business and market conditions, stock price, trading restrictions, acquisition activity and
other factors.
ITEM 9.01 |
FINANCIAL STATEMENT AND EXHIBITS. |
(d)
|
|
|
Exhibit Number |
|
Description |
|
|
99.1 |
|
Press release dated February 24, 2015. |
Page 2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
|
|
|
|
|
|
MYRIAD GENETICS, INC. |
|
|
|
Date: February 24, 2015 |
|
By: |
|
/s/ Peter D. Meldrum |
|
|
|
|
Peter D. Meldrum |
|
|
|
|
President and Chief Executive Officer |
Page 3
EXHIBIT INDEX
|
|
|
Exhibit Number |
|
Description |
|
|
99.1 |
|
Press release dated February 24, 2015. |
Page 4
Exhibit 99.1
|
|
|
|
|
News Release |
|
|
|
|
|
|
|
|
|
Media Contact: |
|
Ron Rogers |
|
Investor Contact: |
|
Scott Gleason |
|
|
|
|
(801) 584-3065 |
|
|
|
(801) 584-1143 |
|
|
|
|
rrogers@myriad.com |
|
|
|
sgleason@myriad.com |
|
|
Myriad Board Approves $200 Million Increase in Share Repurchase Program
SALT LAKE CITY, Utah, Feb. 24, 2015 Myriad Genetics, Inc. (Nasdaq: MYGN) announced today that its board of directors has
approved an additional $200 million authorization for its share repurchase program. As of the end of the December 31, 2014, the Company has repurchased almost $1 billion of stock since the inception of the program in 2010.
This increase in the authorization under our share repurchase program is consistent with Myriads long-term commitment to return
cash and deliver value to shareholders, said Bryan Riggsbee, chief financial officer, Myriad, Since the inception of the program we have repurchased over 38 million shares of our stock and we will continue to opportunistically
repurchase shares at valuation thresholds that we believe do not reflect the long-term value of the Company and its product pipeline.
Repurchases
under Myriads share repurchase program are made via open market or privately negotiated purchases as determined by the Companys management. The amount and timing of stock repurchases will depend on business and market conditions, stock
price, trading restrictions, acquisition activity, and other factors.
About Myriad Genetics
Myriad Genetics is a leading molecular diagnostic company dedicated to making a difference in patients lives through the discovery and
commercialization of transformative tests to assess a persons risk of developing disease, guide treatment decisions, and assess risk of disease progression and recurrence. Myriad is focused on strategic initiatives to grow existing markets,
diversify through the introduction of new products, including companion diagnostics, and expand internationally. For more information on how Myriad is making a difference, please visit the Companys website: www.myriad.com.
Myriad, the Myriad logo, BART, BRACAnalysis, Colaris, Colaris AP, myPath, myRisk, myRisk Hereditary Cancer, myChoice, myPlan Lung
Cancer, BRACAnalysis CDx, HRD, Vectra and Prolaris are trademarks or registered trademarks of Myriad Genetics, Inc. in the United States and foreign countries. MYGN-F, MYGN-G
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including
statements relating to the Companys long-term commitment to return cash and deliver value to shareholders through stock repurchases; the continuation of the Company opportunistically repurchasing shares at valuation thresholds that the Company
believes do not reflect the long-term value of the Company and its product pipeline; the amount, timing and manner of stock repurchases; and the Companys strategic directives under the caption About Myriad Genetics. These risks and
uncertainties include, but are not limited to: the risk that sales and profit margins of our molecular diagnostic tests and pharmaceutical and clinical services may decline or will not continue to increase at historical rates; risks related to our
ability to transition from our existing to new testing services, including unexpected costs and delays; risks related to changes in the governmental or private insurers reimbursement levels for our tests or our ability to obtain reimbursement
for our new tests at comparable levels to our existing tests; risks related to increased competition and the development of new competing tests and services; the risk that we may be unable to develop or achieve commercial success for additional
molecular diagnostic tests and pharmaceutical and clinical services in a timely manner, or at all; the risk that we may not successfully develop new markets for our molecular diagnostic tests and pharmaceutical and clinical services, including our
ability to successfully generate revenue outside the United States; the risk that licenses to the technology underlying our molecular diagnostic tests and pharmaceutical and clinical services and any future tests and services are terminated or
cannot be maintained on satisfactory terms; risks related to delays or other problems with operating our laboratory testing facilities; risks related to public concern over our genetic testing in general or our tests in particular; risks related to
regulatory requirements or enforcement in the United States and foreign countries and changes in the structure of the healthcare system or healthcare payment systems; risks related to our ability to obtain new corporate collaborations or licenses
and acquire new technologies or businesses on satisfactory terms, if at all; risks related to our ability to successfully integrate and derive benefits from any technologies or businesses that we license or acquire; risks related to our projections
about our business, results of operations and financial condition; risks related to the potential market opportunity for our products and services; the risk that we or our licensors may be unable to protect or that third parties will infringe the
proprietary technologies underlying our tests; the risk of patent-infringement claims or challenges to the validity of our patents or other intellectual property; risks related to changes in intellectual property laws covering our
2
molecular diagnostic tests and pharmaceutical and clinical services and patents or enforcement in the United States and foreign countries, such as the Supreme Court decision in the lawsuit
brought against us by the Association for Molecular Pathology et al; risks of new, changing and competitive technologies and regulations in the United States and internationally; and other factors discussed under the heading Risk Factors
contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended June 30, 2014, which has been filed with the Securities and Exchange Commission, as well as any updates to those risk factors filed from time to time in our
Quarterly Reports on Form 10-Q or Current Reports on Form 8-K.
###
3
Myriad Genetics (NASDAQ:MYGN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Myriad Genetics (NASDAQ:MYGN)
Historical Stock Chart
From Sep 2023 to Sep 2024