India, Aug. 21 -- Shares of Arbutus Biopharma Corporation (ABUS) are gaining about 11 percent on Friday morning after the company announced its plan to repurchase up to $230 million of its common shares through a modified Dutch Auction tender offer, returning proceeds from its recent settlement with Moderna to shareholders.
The company's shares are currently trading at $5.28 on the Nasdaq, up 10.88 percent. The stock opened at $5.20 and has climbed as high as $5.45 so far in today's session. Over the past year, it has traded in a range of $3.49 to $5.45.
Shares will be purchased at a price of not less than $5.00 and not more than $5.75 each, in cash. The buyback will be funded through the company's cash on hand.
For comments and feedback...