The biotech firm will use cash reserves to repurchase shares via a modified Dutch auction starting August 24.
Arbutus Biopharma (ABUS) announced plans to buy back up to $230M of its common shares through a modified Dutch auction tender offer. The repurchase price range is set at $5 to $5.75 per share, funded by existing cash reserves.
The tender offer is scheduled to begin around August 24 and conclude by September 29. The company did not disclose prior share repurchase programs or consensus expectations for the move.
ABUS shares surged 12% in premarket trading following the announcement.