Enzon Pharmaceuticals, Inc. (Nasdaq: ENZN) announced today that its Board of Directors has authorized the repurchase of up to $50 million of its outstanding shares of common stock in order to return value to its shareholders.
The share repurchase program will be funded from the Company's available cash. As of September 30, 2009, the Company had cash, cash equivalents, short-term investments and marketable securities of $201.3 million.
Enzon expects that shares may be purchased at prevailing market prices through a variety of methods, including open market or private transactions, in accordance with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors, including the share price, corporate and regulatory requirements, and other market and economic conditions. Repurchases may be commenced or suspended from time to time without prior notice, and the program may be suspended or discontinued at any time.
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