Neuren shares jump on $50m buyback
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The news: Shares in Neuren Pharmaceuticals jumped in early trading after announcing a $50 million on-market share buyback program.
The context: The board said it decided to deploy cash of up to $50 million to buy back shares due to its “sustainable and growing cash income” from its Daybue drug, the capital requirements for advancing its Angelman syndrome treatment, and its current share price.
The buyback period is up to 12 months and will not exceed 5% of total shares on issue.
Neuren shares jumped 6.17% to $17.60 in early trading and over the last 12 months has surged 24.12%.
Earlier this month, the company announced that its US partner Acadia Pharmaceuticals sold its priority review voucher for USD150 million ($231 million) and that Neuren would receive a third of the proceeds.
Neuren also said its Rett syndrome treatment Daybue reported record net sales of $91 million for Q3 2024.
The source: ASX announcement
