SonoSite (NASDAQ: [[ticker:SONO]]), the Bothell, WA-based maker of portable ultrasound machines, said today it has agreed to pay $88.8 million to buy back 2.96 million shares at $30 apiece. That represents about 16.9 percent of the company’s outstanding shares, and leaves it with about 14.5 million shares outstanding. The deal was managed by JP Morgan Securities. SonoSite stock closed yesterday at $29.67, just a few cents below its 52-week high.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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