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news.Alkermes has initiated an accelerated share repurchase or ASR program under which the company will repurchase $60 million of its common stock. The repurchase will be funded with the company's existing cash, which includes proceeds from the recent sale of its stake in Reliant Pharmaceuticals.
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This ASR program falls under the previously announced authorization by Alkermes’s board of directors to repurchase up to $175 million of the company’s common stock. Prior to initiating the ASR program, Alkermes had repurchased $33.3 million of its common stock under the buyback plan. With the initiation of the ASR program, Alkermes has committed $93.3 million dollars to repurchasing its common stock.
James Frates, CFO of Alkermes, said: “Our strong financial profile and cash position provide us with the opportunity to strategically invest in our pipeline, while at the same time repurchasing our stock to return value to shareholders.”