ViroPharma may buy back another $200 million stock or 2% convertibles

By Toni Weeks

San Diego, Sept. 15 - ViroPharma Inc. said the company's board of directors has authorized spending an additional $200 million to repurchase its common shares and its 2% senior convertible notes due 2017.

The company said that the authorization is an extension of its securities repurchase program, which was announced in March 2011. Through the initial repurchase program, ViroPharma repurchased about 8.1 million shares of common stock with about $149 million of the $150 million authorized for the repurchase. Following this, ViroPharma had 70,751,468 shares of common stock as of Sept. 13.

Securities purchased through the newly authorized extension of the repurchase program may be made from time to time in the open market, through block transactions or in privately negotiated purchases.

ViroPharma said it will use cash, cash equivalents, short-term investments and anticipated operating cash flows to finance the repurchase program.

ViroPharma is an Exton, Pa., biopharmaceutical company.

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