SHENYANG, China, March 19 /Xinhua-PRNewswire-FirstCall/ -- 3SBio Inc. (Nasdaq: SSRX) ("3SBio" or the "Company"), a leading, fully integrated, biotechnology company focused on researching, developing, manufacturing and marketing biopharmaceutical products primarily in China, announced today that its board of directors has approved a share repurchase program.
The board has authorized 3SBio to purchase up to US$20 million worth of its outstanding American Depositary Shares ("ADSs"). Under the program, repurchases may be made from time to time on the open market over a period of 12 months commencing from March 21, 2008, depending on market conditions, the trading price of the ADSs and other factors, as well as subject to relevant rules under United States securities regulations. The share repurchase program may be suspended or discontinued at any time. The share repurchase program will be funded with the Company's available working capital. As of December 31, 2007, the Company had cash and cash equivalents of approximately RMB811.0 million (US$111.2 million).
As of March 17, 2008, the Company had approximately 14.87 million ADSs outstanding.
About 3SBio Inc.
3SBio Inc. is a leading, fully integrated biotechnology company focused
on researching, developing, manufacturing and marketing biopharmaceutical
products, primarily in China. For more information, please visit 3SBio on
the web at http://www.3sbio.com .
For more information, please contact:
Kevin Teo, CFO
|SOURCE 3SBio Inc.|
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