Edwards board approves $500M buyback program

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Edwards Lifesciences’ board of directors has authorized a share repurchase program to acquire up to $500 million of its outstanding common shares.

In July 2008, the company issued a $250 million share repurchase program. Between Jan. 1, 2008, and Dec. 31, 2009, the Irvine, Calif.-based company repurchased a total of 7.3 million shares for $402 million. As of Dec. 31, the Irvine, Calif.-based Edwards reported having roughly 56.6 million shares of common stock outstanding.

According to the company, the repurchase will occur through the open market or through privately negotiated transactions. In addition, they said that the timing and extent of the repurchase is contingent upon the market conditions and corporate requirements. Edwards said it expects the completion of its current repurchase program to take place before the end of the current quarter.