Amphastar announces additional $50M increase to its Share Buyback Program
Amphastar Pharmaceuticals announced on June 3 the company's board of directors authorized a $50 million increase to the company's share buyback program, which is expected to continue for an indefinite period of time. The primary goal of the program is to offset dilution created by the company's equity compensation programs.
Purchases may be made through the open market and private block transactions pursuant to Rule 10b5-1 plans, privately negotiated transactions, or other means, as determined by the company's management and in accordance with the requirements of the Securities and Exchange Commission and applicable laws.
The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, and other conditions.
[Read more: Amphastar obtains FDA nod for generic Vasostrict]
The company currently has three abbreviated new drug applications on file with the Food and Drug Administration targeting products with a market size of over $1.4 billion, three biosimilar products in development targeting products with a market size of over $7 billion and four generic products in development targeting products with a market size of over $3 billion. This market information is based on IQVIA data for the 12 months ended March 31, 2024. The company is developing multiple proprietary products with injectable and intranasal dosage forms.
Amphastar's Chinese subsidiary, Amphastar Nanjing Pharmaceuticals, currently has multiple Drug Master Files, on file with the FDA and is developing several additional DMFs.
[Read more: Amphastar obtains FDA OK for morphine sulfate injection]