Repligen announces stock repurchasing program

US drugmaker Repligen has authorized the repurchase of up to 1,250,000 shares of its common stock. Under the program, the firm may buy back shares from time to time at prevailing prices in the open market or in negotiated transactions off the market.

The program does not require the company to repurchase any specific number of shares and may be modified, suspended or terminated at any time without prior written notice. The firm currently has 31.2 million shares outstanding and the stock buy-backs will be funded through available cash.

"The share repurchase program reflects the confidence we have in our business and our commitment to enhancing shareholder value," said Walter Herlihy, chief executive of Repligen. "Our strong financial position will allow us to fully invest in our pipeline while simultaneously repurchasing up to 4% of our outstanding stock," he added.