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For Immediate Release
For Further Information Contact:
Therese Fergo, 301-608-9292
Email [email protected]
UNITED THERAPEUTICS ANNOUNCES
STOCK REPURCHASE PROGRAM
Silver Spring, MD, December 5, 2000: United Therapeutics Corporation (Nasdaq:
UTHR) announced today that its Board of Directors approved a stock repurchase
program of up to 3,000,000 shares of its outstanding stock over the next six
months.
It is anticipated that these purchases will be made at management's discretion
in the open market and/or through privately negotiated transactions, subject to
market conditions. United Therapeutics further announced that some members of
its Board of Directors and senior management also plan to make market purchases
of the company's stock. There are approximately 20,185,000 shares of United
Therapeutics common stock outstanding.
"Our board of directors and management believe that United Therapeutics' stock
is substantially undervalued by the market and we decided to take advantage of
this opportunity to capture some of this value for our continuing shareholders,"
said Martine Rothblatt, Chairman and CEO of United Therapeutics. "With
approximately $230 million in cash, cash equivalents and investments, our
financial position is sufficiently strong to allow for both this stock
repurchase and our continued drug development program. The board's decision to
initiate a stock repurchase program underscores our belief that United
Therapeutics' shares are substantially undervalued and demonstrates our
commitment to enhance shareholder value."
United Therapeutics is a biotechnology company focused on combating
cardiovascular, inflammatory and infectious diseases with unique therapeutic
products.
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