Actelion announces commencement of share repurchase program

Actelion Pharmaceuticals Ltd / Actelion announces commencement of share repurchase program . Processed and transmitted by NASDAQ OMX Corporate Solutions. The issuer is solely responsible for the content of this announcement.

ALLSCHWIL, SWITZERLAND - 23 March 2015 - Actelion (SIX: ATLN) announced today that it has received approval from the relevant authorities to launch the repurchase of up to 10 million shares (8.76% of currently issued capital), over three years.

The repurchase program will be carried out via a second trading line on the SIX Swiss Exchange established for this purpose (SIX: ATLNE). Trading is expected to commence on 9 April 2015 and will run over a maximum of three years.

At subsequent Annual General Meetings, Actelion's Board of Directors will propose that the shares bought through this program be cancelled and the issued share capital reduced accordingly.

Jean-Paul Clozel, MD, Chief Executive Officer, commented: "This program demonstrates our continued commitment to shareholder value creation. The excellent results we have seen with our PAH portfolio, together with the value created through our discovery and development efforts, gives us confidence in our long-term future. The program will immediately generate value for our shareholders."

André C. Muller, Chief Financial Officer, commented: "Our efforts to optimize profitability have resulted in a net cash position of almost 1 billion Swiss francs. We are constantly looking to make the best use of this reserve through business development opportunities, whenever they fit both our strategic and financial criteria. In the absence of an appropriate opportunity to create significant value for the company and, ultimately, for our shareholders, we will return value through dividends and share repurchase programs."

Shares purchased on the second trading line are subject to the Swiss federal withholding tax at the rate of 35% on the difference between the repurchase price of the Actelion registered share and its nominal value of CHF 0.50. This withholding tax can be reclaimed by qualified investors.

The maximum daily repurchase volume is 127,572 shares, calculated in accordance with Art. 55b(1)(c) of the Swiss Federal Ordinance on Stock Exchange and Securities Trading.

 

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NOTES TO THE EDITOR