Myriad Genetics (NASDAQ:MYGN) said Wednesday that its board of directors has authorized another $100 million stock repurchase program, its third in a year.
Half of the shares will be bought back from J.P. Morgan (NYSE:JPM), and the remaining $50 million will be made through open market or privately negotiated purchases.
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“We are confident in Myriad's current and future growth prospects,” said James Evans, the company’s chief financial officer. “Our balance sheet and cash flow generation are very strong and we continue to believe that the repurchase program is an effective means to return capital to shareholders.”
Myriad, a molecular diagnostic company, expects to complete the program on or before Dec. 31 using cash on hand. As of Jan. 31, the company had more than $502 million in cash, cash equivalents and marketable securities.