Collegium Pharmaceutical, Inc., a specialty pharmaceutical company committed to being the leader in responsible pain management, announced that it has entered into an Accelerated Share Repurchase agreement with Jefferies LLC to repurchase $25 million of the Company’s common stock.
STOUGHTON, Mass., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Collegium Pharmaceutical, Inc. (Nasdaq: COLL), a specialty pharmaceutical company committed to being the leader in responsible pain management, today announced that it has entered into an Accelerated Share Repurchase (“ASR”) agreement with Jefferies LLC to repurchase $25 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 August 2021. Upon completion of this ASR, Collegium will have $52.2 million remaining under the authorization.
“Today’s announcement of the accelerated share repurchase program reinforces our confidence in the business and our commitment to deliver value to our shareholders through effective deployment of our balance sheet,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “We believe that our strong financial position gives us the ability to return cash to shareholders, execute on our business strategy and invest in our long-term growth.”
Under terms of the agreement, Collegium will pay $25 million to Jefferies LLC and will receive approximately 1,026,694 shares, based on the $19.48 closing stock price of Collegium’s common stock on November 12, 2021, 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 transaction, and subject to adjustments related to the terms and conditions of the ASR agreement and is expected to be completed in the first quarter of 2022. As of September 30, 2021, Collegium had approximately 34.8 million shares outstanding.
About Collegium Pharmaceutical, Inc.
Collegium is a specialty pharmaceutical company committed to being the leader in responsible pain management. Collegium’s headquarters are located in Stoughton, Massachusetts. For more information, please visit the Company’s website at www.collegiumpharma.com.
Forward-Looking Statements
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Contact: Sara Michelmore MacDougall Advisors smichelmore@macbiocom.com
