SurModics Inc. Announces Accelerated Share Repurchase Program
EDEN PRAIRIE, Minn.--(BUSINESS WIRE)--SurModics, Inc. (NASDAQ:SRDX), a leading provider of surface modification and in vitro diagnostic technologies to the healthcare industries, today announced that it has entered into a $20 million accelerated share repurchase program.
“We are pleased to announce today’s accelerated share repurchase program,” said Gary Marahaj, President and Chief Executive Officer, “demonstrating our confidence in our strong cash generation capabilities and our ongoing commitment to return excess capital to our shareholders while enhancing value.” SurModics will receive on November 12, 2014, an initial delivery of approximately 758,000 shares of its outstanding common stock under the accelerated share purchase program with Wells Fargo Bank, National Association. The final number of shares purchased will be determined at the completion of the program, which is expected to be in four to eight months, and will depend on the average purchase price of the shares over the term, less an agreed upon discount. The transactions will be funded from cash on hand.
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“We are pleased to announce today’s accelerated share repurchase program,” said Gary Marahaj, President and Chief Executive Officer, “demonstrating our confidence in our strong cash generation capabilities and our ongoing commitment to return excess capital to our shareholders while enhancing value.” SurModics will receive on November 12, 2014, an initial delivery of approximately 758,000 shares of its outstanding common stock under the accelerated share purchase program with Wells Fargo Bank, National Association. The final number of shares purchased will be determined at the completion of the program, which is expected to be in four to eight months, and will depend on the average purchase price of the shares over the term, less an agreed upon discount. The transactions will be funded from cash on hand.
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