NEW YORK — 4basebio, formerly Expedeon, said on Tuesday that it will buy back 2 million of its treasury shares, representing approximately 4 percent of the company's current share capital.
4basebio said that it will price the treasury shares between €1.60 to €1.85 ($1.77 to $2.05) apiece, with the final purchase price to be determined after the expiry of the offer's acceptance period. The Heidelberg, Germany-based firm said that it is considering retaining the shares in treasury, potentially in order to help fund a future company or equity acquisition.
"Our objective remains a balanced use of the company's high level of liquid funds, some of which is intended to the benefit of our shareholders," 4basebio CFO David Roth said in a statement. "The buyback program is intended to offer an attractive opportunity for our investors to realize value should they so wish."
4basebio changed its name from Expedeon earlier this month following the €120 million sale of its immunology and proteomics businesses to Abcam. 4basebio now focuses on the manufacture and sale of DNA and DNA products for research and therapeutic applications.
Prior to the sale, Expedeon reported having €3.3 million in cash and cash equivalents.