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Lundbeck buys back shares

Date published: 15/12/2005

H. Lundbeck, the parent company of the UK's Lundbeck Limited, has continued its share buyback programme. The Danish company is to acquire ten per cent of its own shares by the end of 2007, and a maximum of 20.4 million shares before the 2006 AGM.

The firm is looking to spend a maximum of DKK 6 billion (£0.54 billion). Between December 6th and 14th Lundbeck bought back 4.8 million shares with the value of DKK 673.1 million (£61.3 million).

The company is limited in the volume of shares it can buyback each day, set by the European regulator as a maximum of 25 per cent of the average daily trading volume on the Copenhagen Stock Exchange.

Lundbeck specialises in the research and development, production, marketing and sale of drugs for the treatment of psychiatric and neurological disorders. In 2004 it had a revenue of DKK 9.7 billion (£0.88 billion).

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