Myriad Genetics Inc. said Thursday that its board is considering several "strategic alternatives" for the company, including spinning-off its pharmaceutical subsidiary.

Moving that subsidiary from the company's molecular diagnostic business would result in two "independent and highly focused businesses," the company said in a news release.

"The board is committed to growing both of our business opportunities in a way that seeks to maximize shareholder value," said John Henderson, the board's chairman. "We are continuing our deliberations and intend to announce a decision before the end of the year."

Myriad's drug-development efforts have focused on treatments for melanoma, glioblastoma, HIV, thrombosis and cancers.

The company also has created tests designed to determine genetic predispositions to certain diseases, including breast and ovarian cancer, nonpolyposis colorectal cancer, colorectal polyps and cancer, and melanoma and pancreatic cancer, plus a test to predict toxicity to a certain type of chemotherapy.