MedImmune authorizes $500 million stock repurchase program

By Elaine Rigoli

Tampa, Fla., May 25 - Following its annual stockholders meeting held Thursday, MedImmune, Inc. announced that its board of directors has authorized a new stock repurchase program for up to $500 million of its common stock in the open market or in privately negotiated transactions.

To date in the second quarter of 2006, MedImmune has purchased 4.3 million shares of its own common stock for about $134 million, which fully used the initial $500 million authorized by the board for stock repurchase.

MedImmune said it has repurchased about 16 million shares of its common stock under its initial stock repurchase program, which was approved in July 2003.

MedImmune said it will hold any repurchased shares as treasury shares and intends to use them for general corporate purposes, including but not limited to issuance upon exercise of outstanding stock options and for acquisition-related transactions.

As of May 24, MedImmune had 244,563,571 shares of common stock outstanding.

MedImmune is a pharmaceutical company based in Gaithersburg, Md.

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