Barr Pharmaceuticals board extends stock repurchase program through end of 2006

By E. Janene Geiss

Philadelphia, Nov. 3 - Barr Pharmaceuticals, Inc. announced Thursday that its board of directors voted unanimously to extend its authorization of the company's stock repurchase program through Dec. 31, 2006.

Since the program was initially authorized in August 2004 for up to $300 million, the company has acquired 2.6 million shares of common stock for about $100 million as of Sept. 30, 2005, officials said.

Officials said the program permits the company to repurchase stock from time to time through open market transactions or through privately negotiated transactions subject to market conditions and other factors.

Barr officials said it intends to fund any future repurchases with cash on hand and cash generated from operations.

As of Sept. 30, the company had about 106 million shares of common stock outstanding.

Authorization to repurchase shares is not a guarantee that the company will do so, officials said.

Barr is a holding company whose principal subsidiaries, Barr Laboratories, Inc. and Duramed Pharmaceuticals, Inc. develop, manufacture and market generic and proprietary pharmaceuticals.

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