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The board of directors at Waltham-based Alere Inc., the healthcare management company formerly known as Inverness Medical Innovations, has given it approval of a stock repurchase program for up to $50 million worth of its common or preferred stock.
Alere (NYSE: ALR) officials said that its deal for it senior secured credit allows the company to do stock repurchases of up to $200 million, and covenants attached to its outstanding senior and senior subordinated notes allow aggregate stock repurchases of up to approximately $140 million, so the company could significantly increase the $50 million program if desired.
In September, Alere increased its planned private placement of senior subordinated notes to $400 million, from an initial goal of a $350 million private placement. The net proceeds from that offering will be used for working capital and general corporate purposes.
Alere switched names from Inverness Medical in May, stemming from the 2007 acquisition by Inverness of Alere Medical Inc., of Reno, Nev., for $302 million in cash and stock. The company provides health-management and monitoring technologies to customers including Woonsocket, R.I.-based CVS Caremark, which is offering its customers services including in-home monitoring, telephonic and web-based offerings and face-to-face counseling provided at approximately 500 MinuteClinics and nearly 7,000 CVS/pharmacy locations around the country.
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