EXTON, Pa., March 9, 2011 /PRNewswire/ -- ViroPharma Incorporated (Nasdaq: VPHM) today announced that the company's Board of Directors has authorized the use of up to $150 million to repurchase shares of its common stock and/or its 2% Senior Convertible Notes due 2017.
Purchases 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 the requirements of the Securities and Exchange Commission. As of December 31, 2010, ViroPharma had 78,141,491 shares of common stock issued and outstanding.
The sources of cash for this repurchase program are a combination of our cash, cash equivalents and short term investments on our balance sheet and our anticipated cash flows from operations. ViroPharma produced cash flows of $194 million for the year 2010.
"We are committed to enhancing shareholder value through a variety of efforts," said Charles Rowland, ViroPharma's chief financial officer. "To that end, today's announcement demonstrates our confidence in the future prospects of our existing business and our ongoing financial strength, which will continue to provide us the ability to pursue additional business development opportunities."
About ViroPharma IncorporatedViroPharma Incorporated is an international biopharmaceutical company committed to developing and commercializing innovative products for physician specialists to enable the support of patients with serious diseases for which there is an unmet medical need, and providing rewarding careers to employees. ViroPharma commercializes Cinryze® (C1 esterase inhibitor [human]) for routine prophylaxis against angioedema attacks in adolescent and adult patients with hereditary angioedema (HAE). ViroPharma commercializes Vanc
|SOURCE ViroPharma Incorporated|
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