Myriad Genetics Spins Off Research, Pharmaceutical Business

Published: 02-Jul-2009

Myriad Genetics to claim approximately $400 million in tax deductions

Myriad Genetics has completed the spin off of Myriad Pharmaceuticals. Also, the company has received a Private Letter Ruling from the Internal Revenue Service. It states that the dividend of common stock of Myriad Pharmaceuticals to Myriad Genetics shareholders, qualifies as a tax free distribution for US income tax purposes.

Myriad Genetics and Myriad Pharmaceuticals now operate as two independent companies. Myriad Genetics has no ownership of Myriad Pharmaceuticals. Myriad Genetics will retain the rights to claim approximately $400 million in tax deductions, based on net operating losses and R&D credits that accrued to the Myriad Genetics consolidated group prior to the dividend distribution.

Myriad Genetics common stock will continue to trade on the NASDAQ Global Select Market under its current ticker symbol, MYGN. Myriad Pharmaceuticals common stock has begun trading today on the NASDAQ Global Market under the ticker symbol, MYRX.

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