(Alliance News) - Indivior PLC on Tuesday said it has commenced a share buyback programme for up to USD100 million, signing a non-discretionary agreement with Stifel Nicolaus Europe Ltd in relation to the programme.
The maximum number of share that can be repurchased under the programme is 39.7 million shares, and will be cancelled once bought back as the purpose of the programme is to reduce the Richmond, Virginia-based pharmaceutical company's share capital.
The drugmaker had first announced its intent to repurchase up to USD100 million in shares alongside its results on Thursday last week, as well as its intent of a possible listing of Indivior shares in the US.
Shares in Indivior were down 2.8% at 304.55 pence on Tuesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Indivior (INDV)