OPKO Health Announces $100 Million Share Repurchase Program
July 18 2024 - 8:00AM
OPKO Health, Inc. (NASDAQ: OPK) today announced
that its Board of Directors has authorized the repurchase of up to
$100 million of shares of the Company's common stock.
Under the repurchase program, OPKO may repurchase shares of its
common stock from time to time through open market purchases, block
trades, privately negotiated transactions, accelerated share
repurchase transactions and/or pursuant to Rule 10b5-1 plans, in
compliance with applicable securities laws and other legal
requirements.
OPKO currently expects to fund the repurchase
program from existing cash and cash equivalents, and future cash
flows. The Company had approximately 697 million shares outstanding
as of June 30, 2024. This new authorization represents
approximately 10.1% of shares outstanding at the current stock
price.
“We believe OPKO’s shares are significantly
undervalued and offer an attractive investment opportunity. Buying
back shares supports our conviction in OPKO’s strategy as we
continue to advance our pipeline in the clinic and streamline our
diagnostic segment on a path to profitability,” said Phillip Frost,
M.D., Chairman and Chief Executive Officer of OPKO. “With the
recent non-dilutive capital transaction with HealthCare Royalty and
prior convertible debt refinancing, our balance sheet provides us
with the financial flexibility for this repurchase program, which
reflects our commitment to drive long-term value for our
shareholders.”
The volume and timing of any repurchases will be
subject to general market conditions, as well as the Company’s
management of capital, other investment opportunities and other
factors. The repurchase program does not obligate the Company to
repurchase any specific number of shares, has no time limit and may
be modified, suspended or discontinued at any time at the Company’s
discretion.
About OPKO Health
OPKO Health is a multinational biopharmaceutical
and diagnostics company that seeks to establish industry-leading
positions in large, rapidly growing markets by leveraging its
discovery, development and commercialization expertise, and its
novel and proprietary technologies. For more information,
visit www.opko.com.
Cautionary Statement Regarding Forward
Looking Statements
This press release contains “forward-looking
statements,” as that term is defined under the Private Securities
Litigation Reform Act of 1995 (“PSLRA”), including, among other
things, statements related to expected purchases under the
Repurchase Program. These forward-looking statements may be
identified by words such as “expects,” “plans,” “projects,” “will,”
“may,” “anticipates,” “believes,” “should,” “intends,” “estimates,”
and other words of similar meaning. These statements are based on
management’s current expectations and are subject to uncertainty
and changes in circumstances. Many factors could cause the
Company’s actual activities or results to differ materially from
the activities and results anticipated in forward-looking
statements. These factors include those described in the Company’s
Annual Reports on Form 10-K filed and to be filed with the
Securities and Exchange Commission and under the heading “Risk
Factors” in the Company’s other filings with the Securities and
Exchange Commission. In addition, forward-looking statements may
also be adversely affected by general market factors, competitive
product development, product availability, federal and state
regulations and legislation, the regulatory process for new
products and indications, manufacturing issues that may arise,
patent positions and litigation, among other factors. The
forward-looking statements contained in this press release speak
only as of the date the statements were made, and the Company does
not undertake any obligation to update forward-looking statements.
The Company intends that all forward-looking statements be subject
to the safe-harbor provisions of the PSLRA.
Contacts:LHA Investor
RelationsYvonne Briggs, 310-691-7100ybriggs@lhai.com
orBruce Voss, 310-691-7100 bvoss@lhai.com
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