Thursday, November 09, 2023 8:19:50 AM
On November 9, 2023, Collegium Pharmaceutical, Inc. (“Collegium” or the “Company”) announced the execution of an accelerated share repurchase agreement (the “ASR Agreement”) with Jefferies LLC to repurchase $25 million of the Company’s common stock. The ASR Agreement was undertaken as part of the $100 million share repurchase program authorized by its Board of Directors in January 2023.
Under terms of the ASR Agreement, the Company will pay $25 million to Jefferies LLC and will receive an initial delivery of approximately 865,426 shares, based on the $23.11 closing stock price of Collegium’s common stock on November 8, 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 Agreement and subject to adjustments related to the terms and conditions of the ASR Agreement. The final settlement of the ASR Agreement is expected to be completed in the fourth quarter of 2023. As of September 30, 2023, Collegium had approximately 33.1 million shares outstanding.
https://ir.collegiumpharma.com/node/11611/html
“Our record financial performance in 2023 year-to-date puts Collegium on track to deliver a banner year. Our financial strength, underscored by robust cash generation, enables us to execute on our capital deployment strategy,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “We are committed to opportunistically returning value to our shareholders through our share repurchase program. Since 2021, we have returned $112 million of capital to our shareholders through share repurchases. This additional $25 million ASR program is a productive use of our capital with the potential to generate high returns for our shareholders.”
https://ir.collegiumpharma.com/news-releases/news-release-details/collegium-announces-25-million-accelerated-share-repurchase-0
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