Pharma Mar, S.A. commences an Equity Buyback Plan, under the authorization approved on May 31, 2023.
September 05, 2023
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Pharma Mar, S.A. (BME:PHM) commences share repurchases on August 1, 2023, under the program mandated by shareholders in the Annual General Meeting held on May 31, 2023. As per the mandate, the company will repurchase its own shares, such that the shares held by company does not exceed 10% of company's subscribed share capital. The maximum price to be paid for the repurchase should not exceed 10% r than the trading price of the Company's shares in the Spanish Stock Exchange Interconnection System at the time of acquisition and minimum price to be paid for repurchase is its par value. The shares repurchased will be disposed, amortized through the the consequent reduction of capital, delivered to its delivery to employees, executives or directors and reinvestment plans for dividends or similar instruments. The authorization will be valid for 5 years from the date of the Annual General Meeting.
On July 27, 2023, the company announced a share repurchase program. Under the program, the company will repurchase up to 540,000 shares,representing approximately 2.94% of the Company's share capital for ?15 million. The repurchases under the program will start from August 1, 2023, and will end no later than January 31, 2024.
Pharma Mar SA is a Spain-based integrated biopharmaceutical company focused on oncology and committed to research and development (R&D) of antitumor drugs of marine origin. The Company, through its subsidiaries, operates three business segments: Oncology, Diagnostics and RNA interference. The Oncology segment encompasses research, develop and market anti-tumor drugs. The Diagnostics segment includes the development and marketing of diagnostic kits. The RNA interference segment consist of the development of drugs with therapeutic activity based on reducing or silencing gene expression. The Companyâs product portfolio includes Yondelis and ZEPZELCA. Yondelis (trabectedin) is indicated for the treatment of advanced soft tissue sarcoma, as well as for the treatment of relapsed platinum-sensitive ovarian cancer. ZEPZELCA (lurbinectedin) is indicated for the treatment of metastatic small cell lung cancer (SCLC) with disease progression. The Company is active globally.