On Npvember 19, 2018 Myriad Genetics, Inc. (NASDAQ: MYGN), a global leader in personalized medicine, reported that the company has entered into an accelerated share repurchase ("ASR") agreement with Bank of America, N.A. under which the company will repurchase approximately $50 million of its common stock (Press release, Myriad Genetics, NOV 19, 2018, View Source [SID1234531482]). Myriad currently has approximately $161 million remaining on its existing share repurchase authorization which has been approved by the company’s board of directors.

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"We remain highly confident in the future growth prospects for the company and believe repurchasing shares at current levels will generate a very attractive return on invested capital," said R. Bryan Riggsbee, chief financial officer, Myriad Genetics. "Given our strong balance sheet, we continue to be flexible in our capital deployment, and while we prioritize strategic acquisitions, we will opportunistically consider share repurchases if stock valuation is inconsistent with long-term fundamentals."

Under the ASR program, Myriad will pay an aggregate of approximately $50 million to Bank of America, N.A. to repurchase a number of shares that will be based on a discount to the volume-weighted average share price of its common stock over the course of a valuation period.