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Alere gets OK for $50M stock buyback

Thu, 12/09/2010 - 5:35am
Mass High Tech: The Journal of New England Technology

The board of directors at Waltham-based Alere Inc., the healthcare management company formerly known as Inverness Medical Innovations, has given it approval of a stock repurchase program for up to $50 million worth of its common or preferred stock. 

Alere (NYSE: ALR) officials said that its deal for it senior secured credit allows the company to do stock repurchases of up to $200 million, and covenants attached to its outstanding senior and senior subordinated notes allow aggregate stock repurchases of up to approximately $140 million, so the company could significantly increase the $50 million program if desired.

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