Why did Myriad Pharmaceuticals separate from Myriad Genetics?
The Board of Directors of Myriad Genetics authorized the spin-off of its research and drug development businesses from its molecular diagnostics business to form two well-capitalized, highly-focused, independent public companies.
This decision will enable Myriad Pharmaceuticals, and Myriad Genetics, to more effectively plan and pursue long-term strategic initiatives while focusing on the development of each company's core strengths. This separation will allow both companies to compete more effectively in their respective markets while enhancing the intrinsic value of these distinctive businesses.
What does Myriad Pharmaceuticals do?
Myriad Pharmaceuticals, Inc. is focused on discovering, developing, and commercializing novel, small molecule drugs that address severe medical conditions, including cancer and HIV infection.
Myriad Pharmaceuticals' clinical development programs include clinical and pre-clinical product candidates with distinct mechanisms of action and novel chemical structures that have the potential to be first-in-class and/or best-in-class therapeutics.
On what exchange does Myriad Pharmaceuticals trade?
Shares in Myriad Pharmaceuticals currently trade on the Nasdaq Global Market under the ticker symbol "MYRX."
What is the relationship of Myriad Pharmaceuticals to Myriad Genetics going forward?
Immediately following the distribution of all of the outstanding stock of Myriad Pharmaceuticals by Myriad Genetics, Myriad Pharmaceuticals became a completely independent company. Myriad Genetics will not own any shares of Myriad Pharmaceuticals common stock and Myriad Pharmaceuticals has no royalty or milestone obligations to Myriad Genetics.
What is the size of the initial capitalization of Myriad Pharmaceuticals?
The newly formed company holds substantially all of the assets of Myriad Genetics' research and drug development businesses. As of the separation date, these assets and approximately $188.0 million in cash were transferred to Myriad Pharmaceuticals.
What are the key dates related to the spin-off of Myriad Pharmaceuticals, Inc.?
* October 20, 2008 – Myriad Genetics' Board of Directors authorized the spin-off of Myriad Pharmaceuticals.
* June 12, 2009 – Shares of Myriad Pharmaceuticals began trading on the Nasdaq Global Market under the ticker "MYRXV," the "V" reflecting the "when issued" status of the stock.
* June 15, 2009 – NASDAQ set ex-dividend date. Shareholders who sold Myriad Genetics stock before this date did not receive the stock dividend in Myriad Pharmaceuticals.
* June 17, 2009 – Myriad Genetics shareholders of record at the close of business on this date became entitled to receive ¼ share of Myriad Pharmaceuticals, Inc. common stock for each Myriad Genetics share owned.
* June 30, 2009 – Myriad Pharmaceuticals shares were distributed to Myriad Genetics shareholders of record as of June 17, 2009.
* June 30, 2009 – A Transaction Confirmation Advice was mailed to all registered shareholders of record as of June 17, 2009, confirming the number of new Myriad Pharmaceuticals shares they received as a dividend. Checks for fractional shares were also sent with the Transaction Confirmation Advice.
* July 1, 2009 – Myriad Genetics and Myriad Pharmaceuticals began operating as independent entities.
* July 1, 2009 – Shares of Myriad Pharmaceuticals began trading "regular way" on the Nasdaq Global Market under the ticker "MYRX."
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