Myriad Genetics slides on $110 mln stock offering

Myriad Genetics

09/11/2023 14:22

** Shares of Myriad Genetics  MYGN.O  down 6.4% at $16.75
premarket after overnight follow-on priced
    ** DNA test maker late Weds announced ~6.47 mln shares at
$17 for $110 mln raise
    ** Deal size boosted from $100 mln, priced at 5% discount to
last sale
    ** Co plans to use approx $40 of net offering proceeds to
repay credit facility, and $57.5 mln to pay remaining portion of
lawsuit settlement
    ** Goldman Sachs, Morgan Stanley and Wells Fargo acting as
bookrunners
    ** Co has 82.1 mln shares outstanding for $1.5 bln market
cap, per LSEG data
    ** Through Weds close, MYGN shares up 23% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))