Myriad Genetics, Inc. (Nasdaq: MYGN) revealed that its board has approved an additional $200 million authorization for its share buyback program. According to the company, as of the end of the third quarter of fiscal year 2016, it bought back higher than $1.1 billion of stock since the inception of the program in 2010 at an average share price of $26.16.

Myriad CFO, Bryan Riggsbee, said, "Our priorities for capital deployment remain the same, first, internal research and development, followed by acquisitions, and lastly, share repurchases. We will continue to opportunistically repurchase shares at valuation thresholds that we believe do not reflect the inherent value of the Company and as we look to deploy our capital most effectively to maximize shareholder returns over the long-term."

The company indicated its share buyback program were made through open market or privately negotiated purchases as determined by its management. The amount and timing of stock repurchases would depend on business and market conditions, stock price, trading restrictions, acquisition activity and other factors.