On November 11, 2021 Emergent BioSolutions Inc. (NYSE: EBS) reported that its Board of Directors has authorized management to repurchase up to $250 million of the company’s common stock from time to time on the open market or in privately negotiated transactions (Press release, Emergent BioSolutions, NOV 11, 2021, View Source [SID1234595335]). This repurchase authorization expires on November 11, 2022.
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"As part of a balanced capital management plan, we believe the company’s stock can represent an attractive investment opportunity," said Robert G. Kramer, president and chief executive officer at Emergent BioSolutions. "This announcement demonstrates our confidence in Emergent’s business and the strength of our balance sheet and cash position, providing the flexibility to implement this program while simultaneously pursuing opportunities to invest and grow the business both organically and through potential acquisitions."
The timing and amount of any shares repurchased will be determined by the company’s management based on its evaluation of market conditions and other factors, consistent with its insider trading policy. Repurchases may also be made under a pre-established trading plan under Rule 10b5-1 that might result in shares being repurchased when the company might otherwise be precluded from doing so. The repurchase program may be suspended or discontinued at any time. Any repurchased shares will be held in treasury shares and will be available for use in connection with the company’s stock plans and for other corporate purposes.
The repurchase program will be funded using the company’s cash on hand and cash from operations. As of September 30, 2021, the company had cash and cash equivalents of $403.8 million.
The company had approximately 53.7 million shares of common stock outstanding as of September 30, 2021.