Cardiome Pharma to buy back up to 6.47 million shares in tender offer

By Lisa Kerner

Charlotte, N.C., Aug. 25 - Cardiome Pharma Corp.'s board of directors OK'd a modified Dutch auction tender offer to purchase up to 6,470,588 of the company's common shares for a total of up to $27.5 million beginning on or about Aug. 31.

The shares will be bought at a price between $4.25 and $5.10 per share, a Cardiome news release said.

Cardiome expects to end the offer at 5 p.m. ET on or before Oct. 5.

"We believe that the offer strikes the right balance between returning value to shareholders and retaining sufficient cash to pursue our current initiatives," chief executive officer Doug Janzen said in a company news release.

Cardiome, a Vancouver, B.C., cardiovascular drug-development company, will buy 6,470,588 common shares if the offer is fully subscribed at $4.25 per share and 5,392,157 shares if the offer is fully subscribed at $5.10 per share.

The dealer managers for the offer are Oppenheimer & Co. and Canaccord Capital Corp. Computershare Investor Services, Inc. is the depository.

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