Emergent BioSolutions Announces Stock Repurchase Program
November 11 2021 - 4:05PM
Emergent BioSolutions Inc. (NYSE: EBS) today announced 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.
This repurchase authorization expires on November 11, 2022.
”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.
About Emergent
BioSolutionsEmergent BioSolutions is a global life
sciences company whose mission is to protect and enhance life.
Through our specialty products and contract development and
manufacturing services, we are dedicated to providing solutions
that address public health threats. Through social responsibility,
we aim to build healthier and safer communities. We aspire to
deliver peace of mind to our patients and customers so they can
focus on what’s most important in their lives. In working together,
we envision protecting or enhancing 1 billion lives by 2030. For
more information, visit our website and follow us on LinkedIn,
Twitter, and Instagram.
Safe Harbor StatementThis press
release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Any
statements, other than statements of historical fact, including
statements regarding our growth strategy, future operations,
prospects, plans, objectives, the investment opportunity and any
other statements containing the words “believes,” “expects,”
“anticipates,” “intends,” “plans,” “estimates” and similar
expressions, are forward-looking statements. These forward-looking
statements are based on our current intentions, beliefs and
expectations regarding future events. We cannot guarantee that any
forward-looking statement will be accurate. Investors should
realize that if underlying assumptions prove inaccurate or unknown
risks or uncertainties materialize, actual results could differ
materially from our expectations. Investors are, therefore,
cautioned not to place undue reliance on any forward-looking
statement. Any forward-looking statement speaks only as of the date
of this press release, and, except as required by law, we do not
undertake to update any forward-looking statement to reflect new
information, events or circumstances.
There are a number of important factors that
could cause the company’s actual results to differ materially from
those indicated by such forward-looking statements, including when
and whether the company will be in an open period to implement
repurchases under a 10b5-1 trading plan or otherwise; whether any
10b5-1 trading plan parameters will result in the purchase of up to
$250 million in stock; and whether such repurchases will affect the
company’s stock price or long-term shareholder value. The foregoing
sets forth many, but not all, of the factors that could cause
actual results to differ from our expectations in any
forward-looking statement. Investors should consider this
cautionary statement, as well as the risk factors identified in our
periodic reports filed with the SEC, when evaluating our
forward-looking statements.
Investor Contact:Robert G.
BurrowsVice President, Investor Relationsburrowsr@ebsi.com
Media Contact:Matt HartwigSenior
Director, Media Relationshartwigm@ebsi.com
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