On September 9, 2022 Horizon Therapeutics plc (Nasdaq: HZNP) reported that its Board of Directors authorized the repurchase of up to $500 million of the Company’s ordinary shares (Press release, Horizon Therapeutics, SEP 9, 2022, View Source [SID1234619329]).
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"This share repurchase program reinforces the confidence we have in our strategy and our commitment to deliver long-term value to our shareholders," said Tim Walbert, chairman, president and chief executive officer, Horizon. "Our strong balance sheet and cash generation gives us the flexibility to opportunistically repurchase shares while maintaining ample capital to continue prioritizing business development."
Under the program, the Company may repurchase ordinary shares from time to time on the open market or through privately negotiated transactions or structured repurchase transactions. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Securities Exchange Act of 1934. The Company may also enter into Rule 10b5-1 plans to facilitate repurchases of its shares under the program. The timing and amount of repurchases will depend on a variety of factors, including the price of the Company’s ordinary shares, alternative investment opportunities, customary restrictions under the Company’s debt agreements, corporate and regulatory requirements and market conditions. The program does not obligate the Company to repurchase any particular amount of its ordinary shares and the program may be modified, suspended or otherwise discontinued at any time without prior notice.
As of June 30, 2022, the Company had cash and cash equivalents of $1.89 billion. The Company expects to fund the repurchase of its ordinary shares under the program with existing cash and cash equivalents.