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Collegium Announces $35 Million Accelerated Share Repurchase Program
May 13, 2024

STOUGHTON, Mass., May 13, 2024 (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 $35 million of the Company’s common stock. Collegium will execute the ASR as part of the $150 million share repurchase program authorized by its Board of Directors in January 2024. Upon completion of this ASR, Collegium will have $115 million remaining under the program.

“Our financial and strategic execution bolster the strength of our business today and in the future. Collegium’s strong start to 2024 was supported by robust cash generation, momentum in Belbuca® prescriptions, improved Xtampza® ER gross-to-net and the Nucynta Franchise authorized generic agreement, all of which put us on track to meet our 2024 financial guidance and improve our outlook in 2025 and beyond,” said Colleen Tupper, Chief Financial Officer of Collegium. “This $35 million ASR program reinforces our belief that the value of Collegium is underappreciated. We remain committed to leveraging our $150 million share repurchase program, which is authorized through the second quarter of 2025, to create value for our shareholders through our capital deployment strategy.”

Under terms of the agreement, Collegium will pay $35 million to Jefferies LLC and will receive an initial delivery of 888,889 shares, based on the $31.50 closing stock price of Collegium’s common stock on May 10, 2024, 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 third quarter of 2024. As of March 31, 2024, Collegium had approximately 32.7 million shares outstanding.

https://ir.collegiumpharma.com/news-releases/news-release-details/collegium-announces-35-million-accelerated-share-repurchase