Collegium Pharmaceutical (COLL) said Monday that it signed an accelerated share repurchase deal with Jefferies to repurchase $25 million of its common shares.
The deal is part of the company's $150 million share repurchase program that was approved by its board in January 2024, according to the statement.
Collegium Pharmaceutical said it will pay $25 million to Jefferies in exchange for an initial delivery of 692,281 common shares, which is about 80% of the shares that it expects to buy back under the accelerated share repurchase deal.
The company said the final amount of shares will be based on the volume-weighted average prices of its shares over the term of the accelerated share repurchase agreement, subject to certain adjustments.
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