Neuren Pharmaceuticals to Launch AU$50 Million Share Buyback; Shares Up 6%

MT Newswires Live11-14 10:08

Neuren Pharmaceuticals (ASX:NEU) plans to launch a share buyback program of up to 3 million shares worth AU$50 million for up to 12 months, according to a Thursday filing with the Australian bourse.

The shares to be acquired represent 2.4% of the company's total shares in issue.

The capital deployment comes as the company is poised to receive one-third of the proceeds from the sale of Neuren licensee Acadia Pharmaceuticals' Rare Pediatric Disease Priority Review Voucher for $150 million, the filing said.

The pharmaceutical company's shares were up more than 5% in recent Thursday trade.

Price (AUD): $17.44, Change: $+0.90, Percent Change: +5.44%

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