|View printer-friendly version|
|Illumina Announces $120 Million Share Repurchase Program|
SAN DIEGO--(BUSINESS WIRE)--
Illumina, Inc. (NASDAQ:ILMN) today announced that its Board of Directors has approved a stock repurchase program, authorizing the Company to repurchase in the aggregate up to $120 million of its outstanding common stock.
"Given the underlying strength of Illumina's business and the recent turbulence in the equity markets, we think our current stock price is undervalued. Therefore, we believe the stock buy-back program is in the best interests of our stockholders," said Jay Flatley, Illumina's President and Chief Executive Officer.
Under the program authorized by its Board of Directors, Illumina may repurchase shares in open-market purchases or through privately negotiated transactions as permitted under Securities Exchange Act of 1934 Rule 10b-18. The extent to which Illumina repurchases its shares and the timing of such repurchases will depend upon market conditions and other corporate considerations, as determined by Illumina's management team. The purchases will be funded from existing cash balances.
Illumina is a leading developer, manufacturer and marketer of next-generation life science tools and integrated systems for the large scale analysis of genetic variation and biological function. Using our proprietary technologies, we provide a comprehensive line of products and services that currently serve the sequencing, genotyping, and gene expression markets, and we expect to enter the market for molecular diagnostics. Our customers include leading genomic research centers, pharmaceutical companies, academic institutions, clinical research organizations and biotechnology companies. Our tools provide researchers around the world with the performance, throughput, cost effectiveness and flexibility necessary to perform the billions of genetic tests needed to extract valuable medical information from advances in genomics and proteomics. We believe this information will enable researchers to correlate genetic variation and biological function, which will enhance drug discovery and clinical research, allow diseases to be detected earlier and permit better choices of drugs for individual patients.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: this release may contain forward-looking statements that involve risks and uncertainties. Among the important factors that could cause actual results to differ materially from those in any forward-looking statements are Illumina's ability (i) to develop and commercialize further our BeadArray(TM), VeraCode(R), and Solexa(R) technologies and to deploy new sequencing, gene expression, and genotyping products and applications for our technology platforms, (ii) to manufacture robust instrumentation and reagents technology, together with other factors detailed in our filings with the Securities and Exchange Commission including our recent filings on Forms 10-K and 10-Q or in information disclosed in public conference calls, the date and time of which are released beforehand. We disclaim any intent or obligation to update these forward-looking statements beyond the date of this release.
Source: Illumina, Inc.