Myriad Genetics, Inc. Board Explores Prospect of Separating Diagnostic and Pharmaceutical Businesses
Published: Sep 11, 2008
"The Board is committed to growing both of our business opportunities in a way that seeks to maximize shareholder value," said John Henderson, Chairman of the Board. "We are continuing our deliberations and intend to announce a decision before the end of the year."
Among the alternatives under consideration, the Board is exploring whether to spin-off the pharmaceutical subsidiary from Myriad's molecular diagnostic business in a transaction that would result in two independent and highly focused businesses.
Myriad Genetics, Inc. is a healthcare company focused on the development and marketing of novel molecular diagnostic and therapeutic products. Myriad's news and other information are available on the Company's Web site at www.myriad.com.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the Company's strategy of combining a molecular diagnostic business with pharmaceutical opportunities; the development of a strategy that maximizes shareholder value; the review by management and the Board and consideration of a variety of strategic alternatives, including but not limited to a possible corporate restructuring which would separate the molecular diagnostic business from the pharmaceutical business as independent operating entities. These forward-looking statements are based on management's current expectations and are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include, but are not limited to, our inability to further identify, develop and achieve commercial success for new products and technologies; our ability to discover drugs that are safer and more efficacious than our competitors; our ability to develop additional molecular diagnostic products that help assess which patients are subject to greater risk of developing diseases and who would therefore benefit from new preventive therapies; the possibility of delays in the research and development necessary to select drug development candidates and delays in clinical trials; the risk that clinical trials may not result in marketable products; the risk that we may be unable to successfully finance and secure regulatory approval of and market our drug candidates, or that clinical trials will not be completed on the timelines we have estimated; uncertainties about our ability to obtain new corporate collaborations and acquire new technologies on satisfactory terms, if at all; the development of competing products and services; our ability to protect our proprietary technologies; patent-infringement claims; 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 in our Annual Report on Form 10-K for the year ended June 30, 2007, 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. All information in this press release is as of the date of the release, and Myriad undertakes no duty to update this information unless required by law.
Contact: William A. Hockett Exec.VP, Corporate Communications (801) 584-3600
Source: Myriad Genetics