Collegium Pharmaceutical (COLL) said Thursday it has entered into an accelerated share repurchase agreement with Jefferies to repurchase $50 million of its common stock as part of the $150 million program authorized by its board in July 2025.

Under the terms of the agreement, Collegium will pay $50 million to Jefferies for an initial delivery of 1,556,420 shares, representing around 80% of the shares it expects to buy back, according to a statement. The initial delivery is based on Collegium's $25.70 closing share price on Aug. 12.

The final settlement of the agreement is expected to be completed no later than the fourth quarter of 2026, the company said. Upon completion of the ASR, Collegium will have $100 million remaining under its board-authorized repurchase program.

Collegium said it had about 32.5 million shares outstanding as of June 30.