UNION CITY, Calif.--(BUSINESS WIRE)--Questcor Pharmaceuticals, Inc. (AMEX:QSC) announced today that the Company has completed the repurchase of the outstanding 2,155,715 shares of Series A Preferred Stock from Shire Pharmaceuticals, Inc. for cash consideration of $10.3 million or $4.80 per share (the closing price of Questcor’s common stock on February 19, 2008). The existence of the Series A Preferred Stock created a complex capital structure that limited the Board's flexibility in developing a long-term strategy for the Company and required the Company to take into consideration the interests of parties other than the holders of the Company's common stock. For example, among other rights associated with the Series A Preferred Stock, the Series A Preferred Stock was convertible into 2,155,715 shares of common stock, had a $10 million liquidation preference, and required Questcor to obtain the holder’s separate vote in the event of a merger and acquisition transaction.
