ViroPharma Inc. is going to use up to an additional $200 million to buy back some of its shares. It may also use the funds to purchase some of its 2 percent senior convertible notes due 2017.
The biotechnology company said Thursday that it has also mostly completed a $150 million securities buyback announced in March. ViroPharma said it has used $149 million to buy back about 8.1 million shares through the program.
The Exton, Pa., company had approximately 70.8 million outstanding shares as of Tuesday.
Earlier this month, ViroPharma announced that it received European approval of the liquid medication Buccolam for the treatment of epileptic infants, toddlers and children under age 18.
Shares of the company have traded between $12.97 and $22.16 over the past year and closed Wednesday at $18.35.