Arbutus Biopharma Corporation (NASDAQ: ABUS) announced a modified Dutch auction tender offer to repurchase up to $230 million of its common shares for cancellation, using available cash reserves.
The buyback, priced between $5.00 and $5.75 per share in $0.05 increments, targets up to 23.2% of the company’s outstanding shares based on the 198,105,743 shares reported as of August 19, 2026. The offer expires at 5:00 p.m. New York time on September 29, 2026. Arbutus closed at $5.21 on the Nasdaq Stock Market on August 28, the last trading day before the tender commenced.
Shareholders may participate through three methods: auction tenders within the specified price range, purchase price tenders without a fixed price, or proportionate tenders to maintain ownership stakes. The company’s largest shareholder, Roivant Sciences Ltd., which holds approximately 19.6% of outstanding shares, plans to submit a proportionate tender. Certain directors and executive officers intend to tender up to 682,630 shares via purchase price tenders.
The tender is not conditioned on minimum participation or financing and remains subject to the terms outlined in filings with the U.S. SEC and Canadian securities regulators. Arbutus will act as its own dealer manager for the offer, with J.P. Morgan Securities LLC serving as dealer manager, TSX Trust Company as depositary, and Georgeson LLC as information agent.
The buyback is funded in part by a $178 million settlement payment received from Moderna, Inc. on July 8, 2026, stemming from patent infringement litigation over Arbutus’ lipid nanoparticle technology used in Moderna’s COVID-19 vaccines.
