Astellas to Spend Another Y40bn on Buybacks This Fiscal Year (Japan)
This article was originally published in PharmAsia News
Executive Summary
Astellas Pharma Inc. reports it will spend as much as 40 billion yen to buy back up to 8 million of its own shares, or about 1.54 percent of those outstanding, this fiscal year. The drugmaker has ample cash on hand, and is facing a pressing need to manage its assets more efficiently. The plan means that Astellas will have bought more than 16 million of its own shares in the current fiscal year ending March 2008. Its treasury stock would surpass 20 million, or approximately 4 percent of outstanding shares. The company's policy is to keep treasury stock at around 1 percent to 2 percent of outstanding shares, so it will probably retire more than 10 million shares, possibly next year. The firm's shareholders have been demanding that it use its funds more efficiently. (Click here for more - May Require Paid Subscription