Boiron SA announces an Equity Buyback for 10% of its issued share capital, for €291.22 million.
March 30, 2018 at 02:02 pm
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Boiron SA (ENXTPA:BOI) commences share repurchases on March 21, 2018, under the program mandated by the shareholders in the Annual General Meeting held on May 18, 2017. As per the mandate, the company is authorized to repurchase up to 10% of its share capital, for a total consideration of €291.22 million. The shares will be repurchased at a price of €150 per share. The shares repurchased will be cancelled, to keep the purchased shares and to return them at a later date for exchange or payment in the context of potential acquisitions, to ensure the coverage of securities giving right to the allocation of shares of the company under the regulations in force. The program will be valid for a period of 18 months.
On September 5, 2018, the company announced that the Board of Directors have decided to reallocate the shares bought back for the purpose of financing external growth operations to the cancellation objective.
Laboratoires BOIRON was founded in France almost a century ago, under the impetus of homeopathic doctors who wanted to benefit from the most reliable medicines possible. Homeopathic medicines have many advantages in that they can be prescribed and advised in first line whenever relevant, in both urban and hospital settings. All actions aim to contribute to major public health issues.
Homeopathic medicines are obtained from substances called homeopathic strains, according to a manufacturing process described in the pharmacopoeia. These strains can be of plant, animal, mineral or chemical origin.
There are two main families of homeopathic medicines: common name homeopathic medicines and brand name homeopathic medicines (specialties).
BOIRON group centralizes its production and logistics in France. It also has 26 wholly-owned or leased distribution facilities in France and various offices in the countries where it has subsidiaries.
Net sales are distributed geographically as follows: France (52.4%), Europe (22.5%), North America (22.6%) and other (2.5%).