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Authorization gives access to $500 million.
October 30, 2009
By: Editor
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St. Jude Medical’s board of directors has authorized a share repurchase of up to $500 million of its outstanding common stock. According to the St. Paul, Minn.-based firm, the repurchases will take place when management determines it is appropriate, and may be affected “by transactions in the open market, in privately negotiated transactions or otherwise,” according to a statement. “St. Jude Medical has a robust internal research and development pipeline. We intend to continue our commitment to funding these growth drivers in 2010 and beyond by reinvesting any earnings per share benefit from the share repurchase program back into our business,” said Chairman, President and CEO Daniel Starks.
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