PDL BioPharma, Inc. of Incline Village has authorized a new stock repurchase program to acquire up to $25 million of its common stock.
Purchases may be made in open-market transactions, block transactions on or off an exchange, in privately negotiated transactions, or other means as determined by PDL's management and in accordance with the regulations of the Securities and Exchange Commission.
"We were very satisfied with the execution and completion of our first share repurchase program initiated in March of this year and are pleased to announce a new share repurchase program which underscores the confidence we have in our financial performance, business strategy, and our prospects over the next 12 months and beyond," said John McLaughlin, chief executive officer of PDL. "We believe in a balanced approach to increasing shareholder value through the repurchase of our stock, while maintaining ample liquidity to support future opportunities for strategic investments."
The timing and actual number of shares repurchased under the new program by PDL will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions. Repurchases may also be made under a trading plan under Rule 10b5-1, which would permit shares to be repurchased when PDL might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The repurchase program may be suspended or discontinued at any time without notice.
