Thoratec
This article was originally published in The Gray Sheet
Executive Summary
Cardiac assist device maker's board of directors authorizes share repurchase program under which up to $20 mil. in Thoratec common stock may be purchased in open-market or private transactions, company announces April 12. "We believe that our stock is currently undervalued in view of our products already on the market...and the very large nature of our potential markets," CEO Keith Grossman explains in an April 12 release. The firm's stock price dropped almost 40%, from 20.56 to 12, in the two days following an October 2000 announcement of plans to acquire Thermo Cardiosystems ("The Gray Sheet" Oct. 9, 2000, p. 13). The share price has not reached the $20 level since then, and the stock is currently trading at 7.95, close to a 52-week low of 6.37. "Given our cash position of $130 mil. following our merger with Thermo Cardiosystems...we believe we have the resources and financial flexibility to use this process to enhance shareholder value," Grossman adds.
You may also be interested in...
Alvotech Highlights Lack Of Simponi Rivals As It Delivers Golimumab Results
Alvotech has just become the first company to announce positive topline results from a confirmatory clinical study for a proposed golimumab rival to Simponi and Simponi Aria – and moreover, the firm sees limited competition from other biosimilars on the horizon.
Xbrane Assembles The Troops As FDA Says No To Lucentis Biosimilar
Xbrane Biopharma was riding the crest of a wave with the EU launch of its biosimilar to Lucentis, following years of toil and investment. However, plans to roll out the product in the US will have to be pushed back – likely – into the middle of 2025, following a US FDA complete response letter.
UK MHRA Updates Assistive Tech And Borderline Regulations
Device classification themes were uppermost in April for the UK regulator, which issued key guidance in two areas prone to complexities. It also contributed to the MedTech Directorate’s one-year progress report.