Actelion announces CHF 800 million share repurchase program
(Thomson Reuters ONE) -
Actelion Pharmaceuticals Ltd /
Actelion announces CHF 800 million share repurchase program
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ALLSCHWIL/BASEL, SWITZERLAND - 21 October 2010 - Actelion Ltd (SIX: ATLN)
announced today that the company's Board of Directors has authorized the
repurchase of up to CHF 800 million of the company's common stock over the next
three years.
Given the company's solid financial position and robust cash generation,
Actelion's Board of Directors and senior management believe that the share
repurchase program represents an appropriate use of the company's cash, while
allowing sufficient flexibility for continued investments in research and
development, in-licensing and potential M&A opportunities.
At subsequent Annual General Meetings, the Board of Directors will propose that
the shares bought through this process be cancelled and the issued share capital
reduced accordingly.
The buyback will be carried out via a second trading line on the SIX Swiss
Exchange which would be established for the purpose of the share repurchase. The
second trading line shall be opened upon regulatory approval, expected in the
second half of November 2010 and will be maintained until the end of October
2013 at the latest.
Shares purchased on the second trading line are subject to the Swiss federal
withholding tax at the rate of 35% on the difference between the repurchase
price of the Actelion registered share and its nominal value of CHF 0.50. This
withholding tax can be reclaimed by qualified investors.
At the closing price of CHF 52.00 (20 October 2010), the 800 million share
repurchase program represents 11.97% of the company's issued share capital.
Jean-Paul Clozel, M.D. and Chief Executive Officer of Actelion commented: "We
view Actelion's current share price as providing an attractive opportunity to
commence the share repurchase program. This program demonstrates Actelion's
confidence in its long-term prospects, the growth opportunity of our marketed
products and the innovation value of our preclinical and clinical pipeline. The
program will also immediately generate value for our shareholders. Furthermore,
we will continue to have sufficient financial resources to pursue in-licensing
and suitable M&A opportunities."
Andrew J. Oakley, Chief Financial Officer of Actelion commented: "With this
share buyback program we are striking a balance between improving our EPS and
retaining strategic flexibility to continue to pursue outside opportunities that
make sense, from both a medical as well as from a financial viewpoint."
###
Actelion Ltd
Actelion Ltd is a biopharmaceutical company with its corporate headquarters in
Allschwil/Basel, Switzerland. Actelion's first drug Tracleer®, an orally
available dual endothelin receptor antagonist, has been approved as a therapy
for pulmonary arterial hypertension. Actelion markets Tracleer® through its own
subsidiaries in key markets worldwide, including the United States, the European
Union, Japan, Canada, Australia and Switzerland. Actelion, founded in late
1997, is a leading player in innovative science related to the endothelium - the
single layer of cells separating every blood vessel from the blood stream.
Actelion's over 2,400 employees focus on the discovery, development and
marketing of innovative drugs for significant unmet medical needs. Actelion
shares are traded on the SIX Swiss Exchange (ticker symbol: ATLN) as part of the
Swiss blue-chip index SMI (Swiss Market Index SMI®).
For further information please contact:
Roland Haefeli
Vice President, Head of Investor Relations & Public Affairs
Actelion Pharmaceuticals Ltd, Gewerbestrasse 16, CH-4123 Allschwil
+41 61 565 62 62
+1 650 624 69 36
http://www.actelion.com
[HUG#1453677]
--- End of Message ---
Actelion Pharmaceuticals Ltd
Gewerbestrasse 16 Allschwil Switzerland
ISIN: CH0010532478;
Press Release PDF:
http://hugin.info/131801/R/1453677/394146.pdf
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other applicable laws; and
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originality of the information contained therein.
Source: Actelion Pharmaceuticals Ltd via Thomson Reuters ONE
Unternehmensinformation / Kurzprofil:
Datum: 21.10.2010 - 06:55 Uhr
Sprache: Deutsch
News-ID 45966
Anzahl Zeichen: 0
contact information:
Town:
Allschwil
Kategorie:
Business News
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