Insys Therapeutics (INSY) Approves $50M Common Stock Buyback
Insys Therapeutics (Nasdaq: INSY) announced that its Board of Directors has approved the repurchase of up to $50 million of the Company's common stock.
"The Board of Directors and management team believe that shares of Insys’ stock are an attractive investment opportunity, and we are pleased that Insys’ strong balance sheet and cash flow enable us to return value to shareholders through a stock repurchase program,” said Dr. John Kapoor, Chairman, President and Chief Executive Officer. “At the same time, we are continuing to invest in opportunities that will further strengthen our development pipeline and allow us to deliver long-term growth.”
The stock repurchase program is effective immediately, and there is no fixed termination date for this program. Purchases may be made in open-market transactions, block transactions on or off an exchange, or in privately negotiated transactions at management’s discretion from time to time.
The repurchase program has no time limit and may be suspended for periods or discontinued at any time. Any shares acquired will be retired as repurchased. The Company had approximately 72 million shares of common stock outstanding as of November 3, 2015.
Insys intends to finance the share repurchase program through available cash and cash equivalents on hand.