SYNTEX ANNOUNCES NEW SHARE REPURCHASE PROGRAM
SYNTEX ANNOUNCES NEW SHARE REPURCHASE PROGRAM PALO ALTO, Calif., Sept. 16 /PR Newswire/ -- Syntex Corp.
(NYSE: SYN) said today that its Board of Directors has authorized management to repurchase up to 7 million shares of the company's common stock from time to time over an indefinite period in the open market or through privately negotiated transactions.
Shares acquired through the repurchase will be held in the company's treasury for future corporate purposes. There were approximately 226 million shares of common stock outstanding on Sept. 15, 1992. The new program announced today supercedes a previously announced 16 million share repurchase program authorized by the Board in January 1989. Under that program, a total of 3.8 million shares were repurchased in 1989. Syntex has purchased 127.9 million common shares (adjusted for stock splits) since adoption of its first major share repurchase program in fiscal 1977. Syntex is a multinational healthcare company that discovers, develops, manufactures and markets prescription medicines to treat serious diseases. The company also develops, produces and markets medical diagnostic systems and animal health products. -0- 9/16/92 /CONTACT: Linda Thomas, 415-852-1321, or Nancy Peterson,
415-855-5567, both of Syntex/
(SYN) CO: Syntex Corporation ST: California IN: HEA SU:
TM -- SJ005 -- 0179 09/16/92 13:50 EDT
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|Date:||Sep 16, 1992|
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