SAN DIEGO, Dec. 9, 2021 /PRNewswire/ — Halozyme Therapeutics, Inc. (NASDAQ: HALO) today announced that its Board of Directors has approved a new share repurchase program effective immediately, which authorizes the Company to purchase up to $750 million of the Company’s outstanding common stock over the next three years. The Company plans to enter into an accelerated share repurchase (ASR) program transaction with a financial institution in the coming week, subject to market conditions. The Company plans to purchase up to $250 million worth of shares by the end of 2022, including the $150 million ASR, pending market conditions and other factors.
“Our second share repurchase authorization demonstrates Halozyme’s commitment to a balanced capital allocation strategy that includes investing in our operations, capital return and potential M&A,” said Dr. Helen Torley, president and chief executive officer. “We are pleased that our strong cash generation and balance sheet enables us to return capital to investors while maintaining our ability to invest in our future to sustainably grow our business.”
This share repurchase program follows the recent completion of the Company’s prior $550 million three-year share repurchase program, which was completed in less than two years.
The amount and timing of shares repurchased under the share repurchase program will be subject to a variety of factors including market conditions, other business considerations and applicable legal requirements. Repurchases may be commenced or suspended at any time or from time-to-time at the Company’s discretion without prior notice. Repurchases may be made through both public market and private transactions. The Company plans to fund repurchases from its existing cash balance. The Company’s Board of Directors will regularly review this capital return policy in connection with a balanced capital allocation strategy focused on funding growth.
About Halozyme