United Therapeutics Corporation Announces $1 Billion Accelerated Share Repurchase Program
25 3월 2024 - 8:00PM
Business Wire
Repurchase reflects the strength of United Therapeutics’ balance
sheet and confidence in its near-term prospects
United Therapeutics Corporation (Nasdaq: UTHR), a public
benefit corporation, today announced that its Board of Directors
has authorized the company to purchase up to $1 billion of United
Therapeutics’ common stock. This program builds on United
Therapeutics’ planned $400 million paydown of its revolving credit
facility in 2024, of which $100 million was paid down during the
first quarter of 2024.
To enact the program, United Therapeutics today will enter into
an Accelerated Share Repurchase (ASR) agreement with
Citibank, N.A. (Citi) to repurchase $1 billion of the
company’s common stock.
“We’re in a unique position with a solid, growing, and
profitable cash-generating business along with the potential to
revolutionize the way end-stage organ disease is treated through an
unlimited supply of tolerable, transplantable organs,” said
Martine Rothblatt, Ph.D., Chairperson and Chief Executive
Officer of United Therapeutics. “Having learned a great deal
through the construction and commissioning of the world’s first
clinical-scale designated pathogen-free facility to support our
xenotransplantation efforts, we are confident in our ability to
fund future facilities while balancing prudent capital allocation
for all of our stakeholders. The current valuation of United
Therapeutics’ stock makes repurchases of UTHR shares a solid
investment and represents a chance to enhance long-term shareholder
value.”
Under the terms of the ASR agreement, on March 27, 2024, United
Therapeutics will make an aggregate upfront payment of $1 billion
to Citi and will receive an initial delivery of shares representing
approximately 80% of the total shares that would be repurchased
under the ASR agreement measured based on the closing stock price
of UTHR’s common stock on March 25, 2024. The final number of
shares that United Therapeutics will ultimately repurchase pursuant
to the ASR agreement will be based on the average of the daily
volume-weighted average price per share of United Therapeutics’
common stock during the term of the ASR, less a discount and
subject to adjustments pursuant to the terms and conditions of the
ASR agreement. At final settlement of the ASR agreement, United
Therapeutics may be entitled to receive additional shares of United
Therapeutics’ common stock, or, under certain limited
circumstances, be required to make cash payment to Citi or, if
United Therapeutics elects, deliver shares to Citi. The final
settlement of the ASR is expected to be completed in the second
quarter of 2024 with respect to $300 million of the ASR and in the
third quarter of 2024 with respect to $700 million of the ASR. As
of February 14, 2024, United Therapeutics had approximately 47.1
million shares outstanding.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor shall it
constitute an offer, solicitation, or sale in any jurisdiction in
which such offer, solicitation, or sale is unlawful.
United Therapeutics: Enabling Inspiration
At United Therapeutics, our vision and mission are one. We use
our enthusiasm, creativity, and persistence to innovate for the
unmet medical needs of our patients and to benefit our other
stakeholders. We are bold and unconventional. We have fun; we do
good. We are the first publicly-traded biotech or pharmaceutical
company to take the form of a public benefit corporation (PBC). Our
public benefit purpose is to provide a brighter future for patients
through (a) the development of novel pharmaceutical therapies; and
(b) technologies that expand the availability of transplantable
organs.
You can learn more about what it means to be a PBC here:
unither.com/pbc.
Forward-Looking Statements
Statements included in this press release that are not
historical in nature are “forward-looking statements” within the
meaning of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include, among others, statements
related to our confidence in our near-term prospects; the amount of
our planned paydown of our revolving credit facility; the growth of
our business; our potential to revolutionize the way end-stage
organ disease is treated; our ability to fund future facilities;
the benefits of the share repurchase to shareholders; our plan to
enter into an ASR agreement; the number of shares to be repurchased
under the ASR agreement; the timing and manner of the final
settlement under the ASR agreement; and our goals of innovating for
the unmet medical needs of our patients and to benefit our other
stakeholders, furthering our public benefit purpose of developing
novel pharmaceutical therapies and technologies that expand the
availability of transplantable organs. These forward-looking
statements are subject to certain risks and uncertainties, such as
those described in our periodic reports filed with the Securities
and Exchange Commission, that could cause actual results to differ
materially from anticipated results. Consequently, such
forward-looking statements are qualified by the cautionary
statements, cautionary language and risk factors set forth in our
periodic reports and documents filed with the Securities and
Exchange Commission, including our most recent Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K. We claim the protection of the safe harbor contained in
the Private Securities Litigation Reform Act of 1995 for
forward-looking statements. We are providing this information as of
March 25, 2024, and assume no obligation to update or revise the
information contained in this press release whether as a result of
new information, future events, or any other reason.
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version on businesswire.com: https://www.businesswire.com/news/home/20240325225852/en/
For Further Information Contact: Dewey Steadman at (202)
919-4097 https://ir.unither.com/contact-ir/
United Therapeutics (NASDAQ:UTHR)
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부터 4월(4) 2024 으로 5월(5) 2024
United Therapeutics (NASDAQ:UTHR)
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부터 5월(5) 2023 으로 5월(5) 2024