Gen-Probe starts $250M share buy-back plan

USA-based Gen-Probe's board of directors has authorized the repurchase of up to $250.0 million of the company's common stock over the next two years.

"Based on our healthy balance sheet and strong operating cash flows, we believe we can increase long-term shareholder value and offset dilution from employee stock programs by buying back stock, while at the same time retaining the strategic and operational flexibility to invest appropriately in our business," said Herm Rosenman, Gen-Probe's senior vice president and chief financial officer.

Under the plan, repurchases may occur from time to time and at the firm's discretion, depending on market conditions and other factors. Shares may be bought on the open market or through private transactions.