Universal Biosensors Inc. said its board had approved an on-market buyback of the company's shares.
The Australian medical diagnostics company said it will buyback up to 10% of its securities over the next year.
In other news, the company has also decided on the terms of an agreement to distribute Siemens AG's blood clotting products.
The deal will allow Universal Biosensors to have increased control over the pricing of analyzers and strips. Moreover, Siemens will give Universal Biosensors access to its proprietary substances necessary for strip manufacturing.
Universal Biosensors will pay Siemens $12.5 million, of which $11 million is payable within five days once an agreement is signed.
