Roivant Sciences Reveals Board Authorization For Up To $1.5B Share Repurchase Program, Including Repurchase Of Entire Sumitomo Pharma Stake For $648M
Portfolio Pulse from Benzinga Newsdesk
Roivant Sciences announced a board authorization for a share repurchase program up to $1.5B, including buying back the entire stake of Sumitomo Pharma for $648M, reducing shares outstanding by 9%.
April 02, 2024 | 11:12 am
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Roivant Sciences initiates a $1.5B share repurchase program, including a $648M buyback of Sumitomo Pharma's stake, reducing outstanding shares by 9%.
Share repurchase programs typically signal a company's confidence in its own future prospects, often leading to a positive investor sentiment and potential short-term price increase. The significant reduction in shares outstanding (9%) could also lead to a higher earnings per share (EPS), making the stock more attractive to investors.
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