ViroPharma board OKs extra $200M stock buyback
This article was originally published in Scrip
ViroPharma's board of directors has approved an additional $200 million to repurchase shares of its shares and/or its 2% senior convertible notes due 2017.
The Exton, Pennsylvania-based company also said that it has mostly completed a $150 million securities buyback announced in March. ViroPharma repurchased approximately 8.1 million shares of common stock using $149 million of the $150 million authorised. The firm had approximately 70.8 million outstanding shares as of 13 September.
The expanded stock repurchase programme "demonstrates our confidence in the future prospects of our existing business", said chief financial officer Charles Rowland.
ViroPharma markets products for hereditary angioedema and Clostridium difficile infection. Most recently, it was granted a paediatric use marketing authorisation from the European Commission for its Buccolam (midazolam, fixed-dose oromucosal solution) for prolonged acute convulsions in paediatric patients (7 September 2011).