Collegium Pharmaceutical announces $25M accelerated share repurchase program

Collegium Pharmaceutical announced that it has entered into an Accelerated Share Repurchase, ASR, agreement with Jefferies to repurchase $25M 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 January 2023. Upon completion of this ASR, Collegium will have $25 million remaining under the program. “Our record financial performance in 2023 year-to-date puts Collegium on track to deliver a banner year. Our financial strength, underscored by robust cash generation, enables us to execute on our capital deployment strategy,” said Joe Ciaffoni, President and Chief Executive Officer of Collegium. “We are committed to opportunistically returning value to our shareholders through our share repurchase program. Since 2021, we have returned $112 million of capital to our shareholders through share repurchases. This additional $25 million ASR program is a productive use of our capital with the potential to generate high returns for our shareholders.” Under terms of the agreement, Collegium will pay $25M to Jefferies LLC and will receive an initial delivery of approximately 865,426 shares, based on the $23.11 closing stock price of Collegium’s common stock on November 8, 2023, 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 fourth quarter of 2023.