(Alliance News) - Indivior PLC on Friday announced a new share buyback programme, as it hailed its outlook for medium-term profitable growth.
The Chesterfield, Virginia-headquartered pharmaceutical maker said the buyback programme for up to USD100 million was made possible due to its "expected strong cash flow" over the medium-term.
The programme will run from Monday next week until no later than August 30 next year.
Indivior said it is in a position to reinvest in its business, progress its drug pipeline, and deliver direct shareholder returns, all at the same time.
Chief Executive Officer Mark Crossley said: "Given our confidence in delivering on the medium-term profitable growth profile we outlined at our capital markets day last December, the board of directors and management team believe that the company's shares represent an attractive investment opportunity."
Earlier Friday, Indivior had announced that it changed its existing relationship with its largest shareholder, Scopia Capital Management LP, to keep Scopia representative Jerome Lande on the Indivior board. Indivior said that Lande serves all shareholders' best interests.
The agreement between the two companies will now terminate if Scopia has a stake lower than 3% in Indivior's issued share capital, down from 5%. In June, Scopia's stake in Indivior was slimmed to just below 7% from just below 9%.
Indivior shares were up 1.7% to 1,321.00 pence each on Friday noon in London.
By Tom Budszus, Alliance News reporter
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Indivior (INDV)