Collegium Pharmaceutical Inc. said it has authorized a $50 million stock buyback program covering its common shares.
The board of directors approved the repurchase plan, which will be funded using available cash resources. The company did not specify a timeframe for completing the buyback.
Collegium Pharmaceutical develops and commercializes prescription therapies, primarily focused on treating pain and addiction disorders. The stock buyback follows a period of operational execution and financial stability, the company said.
The repurchase authorization reflects management’s view of the company’s valuation and long-term growth prospects. Collegium Pharmaceutical did not provide further details on the timing or method of repurchases, such as open market transactions or accelerated share repurchase agreements.
The company’s shares are listed on the Nasdaq under the ticker COLL. Financial terms of the buyback were not disclosed beyond the aggregate dollar amount.
