United Therapeutics Corporation (UTHR), a medical company, Monday announced that it authorized a new share repurchase program of up to $2 billion over the next year.
Further, the company has entered into accelerated share repurchase or ASR agreement with Citibank, N.A. to implement an initial $1.5 billion ASR program, with the remaining $500 million available for additional repurchase at the discretion of the healthcare firm, over a one-year period.
As per the terms of the ASR, United Therapeutics will make an upfront payment of $1.5 billion on or around March 11, to Citi and will receive an initial delivery of shares representing approximately 70 percent of the total shares anticipated to be repurchased under the uncollared ASR agreement.
Around 50 percent of the total shares anticipated to be repurchased under the collared ASR agreement will be based on the closing stock price of UTHR common stock on March 9.
In pre-market activity, UTHR shares were trading at $485, up 1.43% on the Nasdaq.
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