Sciele adopts new $30 million share repurchase program

By Elaine Rigoli

Tampa, Fla., Aug. 3 - Sciele Pharma, Inc. announced that its board of directors has adopted a new share repurchase program, authorizing the repurchase of up to $30 million of its outstanding shares of common stock over the next 12 months, effective immediately.

Sciele said it may conduct its purchases in the general market and in privately negotiated transactions.

The repurchase program does not require Sciele to acquire any specific number of shares and may be terminated at any time.

The company's existing repurchase program expired Aug. 2, and at that time about $8.6 million in authorized but unexecuted repurchases remained at termination, at which point such unexecuted repurchases expired.

Sciele is a pharmaceutical company located in Atlanta.

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