Collagen Corp. announced Wednesday that it has completed thereacquisition of 900,000 shares of its common stock and plansto repurchase an additional 300,000 shares in the upcomingmonths.
The Palo Alto, Calif., company announced its first stockrepurchase program in February 1993, after which itreacquired 500,000 shares at an average price of $21 pershare. After an August 1993 repurchase program adopted bythe company's board of directors, Collagen reacquired anadditional 400,000 shares at an average of $25.75 per share.
In the past several weeks, a Collagen representative said, theboard members have agreed to expand the program andrepurchase a further 300,000 shares.
As in its previous reacquisitions, Collagen (NASDAQ:CGEN)stated that it will retain the repurchased shares, which it isacquiring to reduce the company's dilution to existingshareholders. The company announced that it may use aportion of the shares, however, in various employee benefitplans.
Collagen's stock closed Wednesday at $23.13 per share, up$1.13. -- Karl Thiel
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