NEW YORK (GenomeWeb News) – Illumina today said that its board of directors has authorized the repurchase of up to $100 million of the firm's outstanding common stock.
Illumina said that the shares may be purchased either on the open market or under a 10b5-1 trading program, which enables the company to purchase its shares at times when it otherwise might be prevented from doing so under insider trading laws or self-imposed trading blackout periods. The firm said that purchases will be funded through its existing cash balances.
As of the end of its third quarter, Illumina held $238.5 million in cash and cash equivalents.
"Considering the strength of our balance sheet and our prospects for continued strong cash generation from our operations, this repurchase program is an effective means to return value to our shareholders," Illumina President and CEO Jay Flatley said in a statement.
Illumina recently completed a $75 million share repurchase program that was announced in August.