Sep 15 2011
ViroPharma Incorporated (Nasdaq: VPHM) today announced that the company's Board of Directors has authorized the use of up to an additional $200 million to repurchase shares of its common stock and/or its 2% Senior Convertible Notes due 2017. The company also announced that it has substantially completed the $150 million securities repurchase announced in March 2011.
"We remain committed to maximizing shareholder value, and this expanded stock repurchase program demonstrates our confidence in the future prospects of our existing business," stated Charles Rowland, ViroPharma's chief financial officer. "Our recently completed credit facility as well as our existing cash and cash equivalents provide us with ample resources and flexibility to continue our pursuit of business development opportunities and existing operations designed to achieve our long-term growth plans."
Through the initial round of the securities repurchase program, ViroPharma repurchased approximately 8.1 million shares of common stock utilizing approximately $149 million of the $150 million authorized in March 2011. Reflecting the impact of the repurchase, as of September 13, 2011, ViroPharma had 70,751,468 shares of common stock issued and outstanding.
Securities purchases through the newly authorized extension of the repurchase program may be made by means of open market transactions, block transactions, privately negotiated purchase transactions or other techniques from time to time, as determined by ViroPharma's management, and in accordance with requirements of the Securities and Exchange Commission. The sources of cash are a combination of our cash, cash equivalents and short term investments on our balance sheet and our anticipated operating cash flows.