Myriad to go ahead with business split
This article was originally published in Clinica
Myriad Genetics has received the green light from its board of directors to proceed with the planned spin-off of its research and drug development units. The move is expected to maximise the potential of Myriad's core's molecular diagnostics business, which has seen its revenues growing steadily over the last several quarters. This business will operate as Myriad Genetics, and trade under the new ticker symbol MGX. It will have 800 employees and five marketed diagnostics products – BRACAnalysis, Colaris, Colaris AP, Melaris and theraGuide 5-FU. The separate pharma and research businesses will operate under the name Myriad Pharmaceuticals, and take on the existing ticker symbol MYGN. It will have around 200 employees and focus on forging research partnerships and the development of drugs to treat cancer and infectious diseases. Salt Lake City, Utah-based Myriad first made public its intention to split its pharmaceutical and diagnostic units in September.