OPKO Health, Inc. (OPK) revealed on Thursday that its Board of Directors has sanctioned a share repurchase program valued at up to $100 million in common stock.
This newly approved buyback constitutes approximately 10.1% of the company's outstanding shares, based on the current stock price.
The initiative will be funded through OPKO's existing cash reserves, cash equivalents, and anticipated future cash flows.
Under this repurchase program, OPKO is authorized to acquire shares via various methods, including open market purchases, block trades, privately negotiated transactions, and accelerated share repurchase agreements.
As of June 30, 2024, OPKO had approximately 697 million shares outstanding.
In pre-market trading on the Nasdaq, OPKO shares have risen by 8.45% to $1.54.
