DURHAM – United Therapeutics entered a $477.6 million accelerated share-repurchase agreement with Citibank, using the remaining portion of a $2 billion authorization.
Under the agreement, the company was scheduled to make an upfront payment of approximately $477.6 million on or around Sept. 10. It will receive an initial delivery of about 719,376 shares, representing approximately 75% of the shares expected to be repurchased based on United Therapeutics’ Sept. 8 closing price.
The final number of shares will be determined using the average daily volume-weighted price during the agreement’s term, less a discount and subject to adjustments. Final settlement is expected in the fourth quarter of 2026.
At settlement, United Therapeutics may receive additional shares. In limited circumstances, it could instead be required to make a cash payment to Citibank or deliver shares.
The company previously entered accelerated agreements to repurchase a combined $1.5 billion of its shares in March and bought another $22.4 million of stock in open-market transactions during the third quarter. United Therapeutics said completion of the latest agreement would bring its total shareholder returns through repurchases to $4 billion over approximately 2.5 years.
United Therapeutics had approximately 42.9 million shares outstanding as of Sept. 4. The public benefit corporation has operations in Durham and Silver Spring, Maryland, and develops therapies for rare diseases and technologies intended to expand the supply of transplantable organs.