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Sciele Pharma, Inc. Adopts $100 Million Share Repurchase Program
Monday, April 28, 2008 8:48 AM



Approves Redemption of Poison Pill

Sciele Pharma, Inc. (NASDAQ:SCRX), a specialty pharmaceutical company, today announced that its Board of Directors has adopted a new share repurchase program, authorizing the repurchase of up to $100 million of its outstanding shares of common stock over the next 12 months. The plan became effective on April 25, 2008.

Separately, Sciele announced that, in connection with an effort to improve the Company’s corporate governance practices, its Board of Directors approved the redemption of all outstanding stock purchase rights granted pursuant to the Shareholder Protection Rights Agreement (Poison Pill), dated as of July 12, 2002, between the Company and LaSalle Bank National Association, as rights agent (the “Rights Plan”). The redemption of the rights implements the Board’s decision to terminate the Rights Plan effective May 9, 2008. The Company will pay, as promptly as practicable, a redemption price equal to $0.001 per right in cash to shareholders of record at the close of business on May 9, 2008. Following the redemption, the rights and the Rights Plan will terminate.

Commenting on the announcement, Patrick Fourteau, Chief Executive Officer of Sciele, said, "The new $100 million share repurchase program and the removal of the poison pill are designed to enhance shareholder value. Our target is to repurchase at least 10% of our outstanding common shares. Our strong balance sheet and cash flows ensure that we will still have sufficient financial resources to execute our business plan."

Sciele Pharma may conduct its purchases in the open market and in privately negotiated transactions. The repurchase program does not require Sciele Pharma to acquire any specific number of shares and may be terminated at any time. Approximately $10 million remained under the Company’s previous $40 million repurchase program, set to expire on August 2, 2008. Such unexecuted repurchases have been terminated.

Sciele Pharma, Inc. Background

Sciele Pharma, Inc. is a pharmaceutical company specializing in sales, marketing and development of branded prescription products focused on the therapeutic areas of Cardiovascular, Diabetes, Women's Health and Pediatrics. The Company's Cardiovascular and Diabetes products treat patients with high cholesterol, hypertension, high triglycerides, unstable angina and Type 2 diabetes; its Women's Health products are designed to improve the health and well-being of women and mothers and their babies; and its Pediatrics products treat allergies, asthma, coughs and colds, and attention deficit and hyperactivity disorder (ADHD). Founded in 1992 and headquartered in Atlanta, Georgia, Sciele Pharma employs more than 900 people. The Company's success is based on placing the needs of patients first, improving health and quality of life, and implementing its business platform – an Entrepreneurial Spirit, Innovation, Execution Excellence, Simplicity, and Teamwork.



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