Mar 7 2014
Columbia Laboratories, Inc. (Nasdaq: CBRX) announced today that the Company has repurchased 1.4 million shares of its common stock, par value $0.01 per share, from Coventry Acquisition, LLC, a subsidiary of Actavis Inc. (Actavis), at $6.08 per share, which represents a 10.75% discount to the closing price on Thursday, March 6, 2014. The total purchase price was approximately $8.5 million. This transaction reduces the total issued and outstanding shares of common stock by about 11.5% from approximately 12.15 million to 10.75 million.
"This was a unique opportunity for us to acquire Actavis' large block of shares at an advantageous price. This action testifies to our solid financial position and our belief in Columbia's strong growth prospects," said Frank Condella, Columbia's president and CEO. "Actavis continues its efforts behind CRINONE progesterone gel as seen with its recent launch of CRINONE NG. We are confident that our long-standing relationship with Actavis will remain strong."
In conjunction with this transaction, G. Frederick Wilkinson has stepped down from the Board. Mr. Wilkinson was initially appointed to Columbia's Board in July 2010 pursuant to the terms of an Investor's Rights Agreement, dated July 2, 2010, between Coventry and the Company, which granted Coventry the right to designate one director for election to the Board.
"We are grateful to Fred for his insight and support over the past four years on our Board," Condella noted.
Source:
Columbia Laboratories, Inc.