Cumberland Declares Special Dividend, Approves $5 Million Share Buyback

MT Newswires Live07-13

Cumberland Pharmaceuticals (CPIX) said Monday its board declared a special cash dividend of $1.50 per share and authorized an open-market share repurchase program of up to $5 million.

The special dividend will be paid on July 31 to shareholders of record as of July 10.

The company said it received $100 million in cash at the closing of its transaction with Apotex Health for its portfolio of US Food and Drug Administration-approved products and expects up to $11 million in additional payments related to product inventory and transitional support services.

Cumberland said an analysis following the transaction indicated it would receive higher net cash than previously projected.

Shares of Cumberland were up nearly 5% in Monday trading.

Price: 6.22, Change: +0.29, Percent Change: +4.89

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