WALTHAM, Mass., Jan. 06, 2016 (GLOBE NEWSWIRE) -- AMAG Pharmaceuticals, Inc. (Nasdaq:AMAG) today announced that its Board of Directors has approved a share repurchase program under which AMAG may purchase up to $60 million of its common stock. The share repurchase program has no time limit and may be suspended for periods or discontinued at any time.
“Today’s announcement underscores the confidence we have in our corporate strategy to drive long-term sustainable growth and build shareholder value,” said William Heiden, chief executive officer at AMAG. “We believe a share repurchase program is a strategic use of our capital and that our strong balance sheet and cash flow will enable us to continue to actively pursue acquisitions and make strategic investments in our portfolio to generate profitable growth.”
Under the program, the company may purchase its shares from time to time in the open market or in privately negotiated transactions. The number of shares repurchased and the timing of the purchases will depend on a number of factors, including share price, trading volume and general market conditions, along with working capital requirements, general business conditions and other factors. The company may also from time to time establish a trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934 to facilitate purchases of its shares under this authorization.
AMAG had approximately 34.7 million shares of common stock outstanding as of December 31, 2015.
AMAG Pharmaceuticals uses its business and clinical expertise to develop and commercialize products that provide clear benefits and improve people's lives. Based in Waltham, Massachusetts, AMAG has a diverse portfolio of products in the areas of maternal health, anemia management and cancer supportive care. AMAG continues to work to expand the impact of these and future products for patients by delivering on its growth strategy, which includes organic growth, as well as the pursuit of products and companies that align with AMAG's existing therapeutic areas or those that could benefit from its proven core competencies. For additional company information, please visit www.amagpharma.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (PSLRA) and other federal securities laws. Any statements contained herein which do not describe historical facts, including, among others, AMAG’s plans for and the impact of the share repurchase program, including the effect on shareholder value and AMAG’s growth; AMAG’s belief that the share repurchase program is a strategic use of capital; AMAG’s ability to actively pursue acquisitions and to make strategic investments to generate profitable growth; expectations regarding AMAG’s corporate strategy; and plans to expand and diversify AMAG’s portfolio are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements.
Such risks and uncertainties include, among others, those risks identified in AMAG’s filings with the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year ended December 31, 2014, its Quarterly Reports on Form 10-Q for the quarters ended June 30, 2015 and September 30, 2015 and subsequent filings with the SEC. Any such risks and uncertainties could materially and adversely affect AMAG’s results of operations, its profitability and its cash flows, which would, in turn, have a significant and adverse impact on AMAG’s stock price. AMAG cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made.
AMAG disclaims any obligation to publicly update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements.
AMAG Pharmaceuticals® is a registered trademark of AMAG Pharmaceuticals, Inc.
Contact: Linda Lennox Vice President, Investor Relations 617-498-2846
Source:AMAG Pharmaceuticals, Inc.