Published on March 24, 2010 at 2:20 AM
Nabi Biopharmaceuticals (Nasdaq:NABI) announced today that its Board of Directors has approved an aggregate total of up to $60.9 million to repurchase the Company's outstanding common shares in the open market or in privately negotiated transactions. This authorization includes the $10.9 million balance remaining from the $65 million repurchase program announced in 2007 plus an additional $50 million. To date, Nabi has repurchased 13.9 million shares of common stock for a total of $54.1 million under the 2007 program.
The Board of Directors also indicated that the program could be further expanded as we gain further clarity on potential items such as potential milestone payments to be received, clinical trial expenses and partnership decisions, among other items.
"This repurchase program expansion is consistent with our ongoing commitment to enhance shareholder value," said Dr. Raafat Fahim, President and Chief Executive Officer of Nabi. "We believe the repurchase of our shares is an investment opportunity that will benefit our shareholders and reflects our confidence in the value of the company's assets."
Source: Nabi Biopharmaceuticals