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Cardiome Pharma Corp. Announces Tender Offer To Purchase Up To US$27.5 Million Of Its Common Shares
Date:8/25/2009 

    NASDAQ: CRME   TSX: COM

VANCOUVER, Aug. 25 /PRNewswire-FirstCall/ - Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) ("Cardiome" or the "Company") announced today that its Board of Directors has authorized management to proceed with a tender offer to purchase for cancellation up to 6,470,588 of its common shares for an aggregate purchase price of up to US$27.5 million. The offer will be conducted as a modified "Dutch auction", which will enable shareholders to select a price between US$4.25 per share and US$5.10 per share at which they are willing to tender their common shares to the offer. The purchase price will be the lowest price per share between US$4.25 and US$5.10 that enables Cardiome to purchase US$27.5 million of common shares. All common shares purchased under the offer will be purchased at the same price. Cardiome's directors and officers will not tender any of their common shares to the offer.

"The share buyback reflects our continuing commitment to returning value to shareholders and is an attractive use of capital given the recent trading price range of our common shares," said Doug Janzen, Chief Executive Officer and President of Cardiome. "We believe that the offer strikes the right balance between returning value to shareholders and retaining sufficient cash to pursue our current initiatives."

Oppenheimer Co. and Canaccord Capital Corporation (the "Dealer Managers") will serve as dealer managers for the tender offer in the United States and Canada, respectively, and Computershare Investor Services, Inc. (the "Depository") will act as depository.

Details of the Tender Offer

An offer to purchase and issuer bid circular (the "Offer to Purchase and Circular") containing full details of the tender offer and the procedures for tendering is expected to be mailed to shareholders on or about August 31, 2009. The offer will expire at 5:00 pm (Eastern Time) on or about Octo
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SOURCE Cardiome Pharma Corp.
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