Arbutus Biopharma Shares Rise on $230 Million Stock Buyback

Dow Jones

Aug 21

Arbutus Biopharma shares rose to a new 52-week high Friday after the clinical-stage biopharmaceutical company said it plans to repurchase up to $230 million of its common shares through a modified Dutch auction tender offer.

Shares were recently up 9.4% at $5.22.

The company expects to offer to buy shares at between $5.00 and $5.75 each, using cash on hand. The tender offer is expected to begin around Aug. 24 and expire around Sept. 29, unless extended or terminated.

Arbutus said the repurchase follows its March settlement with Moderna and a $200 million initial payment received in July under that settlement.

President and CEO Lindsay Androski said the company intends to return proceeds from the settlement to shareholders while continuing to enforce its rights against alleged infringers, including Pfizer and BioNTech.

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