UPPSALA, Sweden, Feb. 17, 2020 /PRNewswire/ -- The board of Orexo AB (publ.) has resolved, pursuant to the authorisation granted by the annual general meeting held on 11 April 2019, to initiate a repurchase program of ordinary shares. The repurchases may comprise a maximum of 500,000 shares. Acquisition of shares may only take place at a price within the price interval, on any occasion, recorded on Nasdaq Stockholm, which refers to the interval between the highest buying price and the lowest selling price.
As of the date of this press release, the company holds no repurchased ordinary shares but 842,971 repurchased class C-shares to enable future delivery of ordinary shares to the participants of some of the company's long-term incentive programs. The total number of outstanding ordinary shares in the company is 34,560,456. In the event that the company repurchases the maximum number of shares in accordance with the above, the company will own ordinary shares representing no more than approximately 1.4 per cent of the issued ordinary shares in the company (as well as own share representing no more than approximately 3.7 per cent of all issued shares in the company).
Repurchases of shares can be made from the date of this press release until 15 April 2020 (the day before the annual general meeting) and otherwise in accordance with applicable regulations. The purpose of the share repurchases is to promote efficient capital usage in the company and to provide flexibility as regards the company's possibilities to distribute capital to its shareholders, which altogether is deemed to be susceptible to have a positive impact on the company's share price and thereby contribute to an increased shareholder value.
The share repurchase program is being carried out in accordance with the safe harbour regulation in the Market Abuse Regulation (Regulation (EU) No. 596/2014 of the European Parliament and of the Council on market abuse) and the Commission Delegated Regulation (the Commission Delegated Regulation (EU) No 2016/1052 supplementing MAR with regard to regulatory technical standards for the conditions applicable to buy-back programs and stabilization measures). The share repurchase program will be managed by Danske Bank that will make its trading decisions regarding the timing of the share repurchases independently of the company.
For further information, please contact
Orexo AB (publ.)
Nikolaj Sørensen
President and CEO
Tel: +46(0)18-780-88-00
E-mail: ir@orexo.com
Lena Wange
IR and Communications Manager
Tel: +46(0)18-780-88-00
E-mail: ir@orexo.com
About Orexo
Orexo develops improved pharmaceuticals and digital therapeutics addressing unmet needs mainly within the growing space of addiction. The products are commercialized by Orexo in the US or via partners worldwide. The main market today is the American market for buprenorphine/naloxone products, where Orexo commercializes its lead product Zubsolv for treatment of opioid use disorder. Total net sales for 2019 amounted to SEK 845 million and the number of employees was 128. Orexo is listed on the Nasdaq Stockholm Mid Cap (ORX) and is available as ADRs on OTCQX (ORXOY) in the US. The company is headquartered in Uppsala, Sweden, where research and development activities are performed.
This information is information that Orexo AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8.00 am CET on 17 February 2020.
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