Collegium Pharmaceutical announces $35M accelerated share repurchase program

Collegium Pharmaceutical announced that it has entered into an Accelerated Share Repurchase agreement with Jefferies to repurchase $35M of the Company’s common stock. Collegium will execute the ASR as part of the $150M share repurchase program authorized by its Board of Directors in January 2024. Upon completion of this ASR, Collegium will have $115M remaining under the program. Under terms of the agreement, Collegium will pay $35 million to Jefferies 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.