NEW YORK (GenomeWeb News) – Illumina announced today that its board of directors has authorized a $100 million share repurchase program.
The firm may acquire on a discretionary basis up to $100 million worth of its outstanding common shares on the open market or through privately negotiated transactions. Its previous $100 million share repurchase program, which was authorized in July 2010, was completed this week, the firm said.
"We believe that the repurchase of our common stock represents an effective use of our capital and underscores our commitment to maximize value for our shareholders, " Illumina CFO and GM of Life Sciences Christian Henry said in a statement. "Since 2008, we have bought over 12 million shares of our common stock through prior authorizations, returning nearly $450 million to shareholders."
Last week, Illumina reported a 36 percent increase in its second quarter sales year over year. It finished the quarter with $261.1 million in cash and cash equivalents and $972.8 million in short-term investments.