Myriad Genetics Announces Proposed Offering of $100 Million of Shares of Common Stock
08 November 2023 - 10:10PM
Myriad Genetics, Inc. (NASDAQ: MYGN) (the “Company” or “Myriad
Genetics”), a leader in genetic testing and precision medicine,
today announced that it plans to make a public offering of $100.0
million of shares of its common stock, par value $0.01 per share
(“common stock”), in an underwritten registered public offering.
The Company also expects to grant the underwriters a 30-day option
to purchase up to $15.0 million of additional shares of its common
stock. The offering is subject to market and other conditions, and
there can be no assurance as to whether or when the offering may be
completed or as to the final size or terms of the offering. All of
the shares in the proposed offering are to be sold by the Company.
The Company intends to use approximately $40.0
million of the net proceeds from the offering to repay all
outstanding loans under its asset-based revolving credit facility
(and accrued and unpaid interest thereon), without any reduction in
commitment, $57.5 million of the net proceeds from the offering to
pay the remaining portion of the settlement amount due under the
stipulation and agreement of settlement to resolve the class action
captioned In re Myriad Genetics, Inc. Securities Litigation, and
the remainder of the net proceeds for working capital and general
corporate purposes.
Goldman Sachs & Co. LLC, Morgan Stanley and
Wells Fargo Securities are acting as joint book-running managers
for the offering.
The offering is being made only by means of a
previously filed effective registration statement (including a base
prospectus) and a preliminary prospectus supplement. Copies of the
preliminary prospectus supplement and the accompanying prospectus
relating to the proposed offering may be obtained at no charge from
the website of the U.S. Securities and Exchange Commission (“SEC”)
at www.sec.gov or from: Goldman Sachs & Co. LLC, Attention:
Prospectus Department, 200 West Street, New York, NY 10282,
telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing
Prospectus-ny@ny.email.gs.com, Morgan Stanley, Attention:
Prospectus Department, 180 Varick Street, 2nd Floor, New York, New
York 10014 or by emailing prospectus@morganstanley.com, and Wells
Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis,
MN 55402, telephone: 1-800-645-3751 (option #5) or by emailing
WFScustomerservice@wellsfargo.com. Before you invest, you should
read the preliminary prospectus supplement, the accompanying
prospectus and other documents the Company has filed with the SEC
for more complete information about the Company and the proposed
offering.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
shall there be any sale of these shares of common stock in any
state in which such offer, solicitation or sale would be unlawful
prior to registration or qualification under the securities laws of
any such state or jurisdiction.
About Myriad Genetics
Myriad Genetics is a leading genetic testing and
precision medicine company dedicated to advancing health and
well-being for all. Myriad Genetics provides insights that help
people take control of their health and enable healthcare providers
to better detect, treat, and prevent disease. Myriad Genetics
develops and offers genetic tests that help assess the risk of
developing disease or disease progression and guide treatment
decisions across medical specialties where genetic insights can
significantly improve patient care and lower healthcare costs.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including, but not limited to, statements
regarding the Company’s anticipated use of the net proceeds from
the offering and other statements regarding the offering. These
“forward-looking statements” are management’s expectations of
future events as of the date hereof and are subject to known and
unknown risks and uncertainties that could cause actual results,
conditions, and events to differ materially and adversely from
those anticipated. Such factors include those risks described in
the Company’s filings with the SEC, including the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022, filed on
March 1, 2023, and the Company’s Quarterly Reports on Form 10-Q for
the quarters ended March 31, 2023, June 30, 2023 and September 30,
2023, filed on May 4, 2023, August 4, 2023 and November 7, 2023,
respectively. The Company is not under any obligation, and it
expressly disclaims any obligation, to update or alter any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
Media Contact:Glenn Farrell(801)
584-1153Glenn.Farrell@myriad.com
Investor Contact:Matt Scalo(801)
584-3532matt.scalo@myriad.com
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