Collegium Pharmaceutical Inc (COLL)

[floblu14]

Collegium Announces $50 Million Accelerated Share Repurchase Program
Mon, August 7, 2023 at 7:30 AM EDT

STOUGHTON, Mass., Aug. 07, 2023 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a leading, diversified specialty pharmaceutical company committed to improving the lives of people living with serious medical conditions, today announced that it has entered into an Accelerated Share Repurchase ("ASR") agreement with Jefferies LLC to repurchase $50 million of the Company’s common stock. Collegium will execute the ASR as part of the $100 million share repurchase program authorized by its Board of Directors in January 2023. Upon completion of this ASR, Collegium will have $50 million remaining under the program.

“The accelerated share repurchase program reinforces our confidence in Collegium's core business, financial strength and strategy,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “Our organization is well positioned to maximize the value of our differentiated pain portfolio while executing a disciplined capital deployment strategy. We are committed to effectively deploying capital to create value for our shareholders through focused business development, rapid debt paydown and opportunistic share repurchases.”

Under terms of the agreement, Collegium will pay $50 million to Jefferies LLC and will receive an initial delivery of approximately 1.7 million shares, based on the $23.49 closing stock price of Collegium’s common stock on August 4, 2023, representing approximately 80% of the total shares the Company expects to repurchase under the ASR agreement. The final number of shares repurchased will be based on the volume-weighted average prices of Collegium’s common stock during the term of the ASR and subject to adjustments related to the terms and conditions of the ASR agreement. The final settlement of the ASR is expected to be completed in the fourth quarter of 2023. As of June 30, 2023, Collegium had approximately 34.7 million shares outstanding.

https://finance.yahoo.com/news/collegium-announces-50-million-accelerated-113000989.html