Myriad Genetics (MYGN) Sets Spin-Off Date For Myriad Pharmaceuticals (MYRX)

June 4, 2009 4:12 PM EDT

Myriad Genetics, Inc. (NASDAQ: MYGN) set the shareholder of record and distribution dates in connection with the spin-off of its wholly owned subsidiary, Myriad Pharmaceuticals, Inc., which will be listed on the NASDAQ under the ticker symbol "MYRX" (Nasdaq: MYRX).

Shareholders of record of Myriad Genetics, Inc. on June 17, 2009 will receive on June 30, 2009, a pro-rata dividend of 1/4 share of Myriad Pharmaceuticals, Inc. common stock for each share of Myriad Genetics, Inc. stock. Any fractional shares will be paid in cash.

It is anticipated that these shares will begin trading "when issued" on NASDAQ on or prior to the record date, with any trades settling within three days after the distribution date.

Myriad Pharmaceuticals will pursue development of unique, best-in-class therapeutic candidates in the areas of cancer and HIV. To facilitate the advancement of these research programs, Myriad Genetics will transfer $188 million to Myriad Pharmaceuticals.

Related Categories

IPOs
Trader Talk

Stocks Mentioned

Related Entities

• Dividend

Add Your Comment

Name

Subject

Body

Verification can't see the text?
click here to refresh the image.
what's this?