NEW YORK (GenomeWeb) – Myriad Genetics has entered into an accelerated share repurchase program with Bank of America to buy back $50 million of its common stock.
Under the terms of the agreement, Myriad will repurchase shares of its common stock discounted to the volume-weighted average share price on Nov. 16 equaling $50 million.
"The initial number of shares of common stock will be adjusted based on a discount to the volume-weighted average share price of the common stock over a measurement period, the exact termination date of which will be selected by Bank of America," the company said in a notice filed with the US Securities and Exchange Commission.
After this period ends, Myriad can receive additional shares of common stock or can decide to remit cash or more shares of common stock based on this average price. Myriad has $161 million remaining on its existing share repurchase authorization that's been approved by its board of directors.
Myriad's stock rose more than 2 percent to $32.14 in Monday morning trading on the Nasdaq.