(RTTNews) - AnaptysBio, Inc. (ANAB) on Monday announced that its Board of Directors has authorized a stock repurchase plan under which the company may repurchase up to $75 million of its outstanding common stock.
The repurchases will be made through open market transactions or other means in accordance with the Securities Exchange Act of 1934, as amended.
The timing and amount of stock repurchased will depend on various factors, including market conditions, stock prices, and corporate considerations.
The repurchase program will be in effect until December 31, 2025, and may be suspended or discontinued at any time. However, AnaptysBio is not obligated to repurchase any specific amount of stock.
As of December 31, 2024, AnaptysBio had over $420 million in cash, cash equivalents, and investments.
The company also anticipates receiving a $75 million commercial sales milestone payment from GSK in 2025 or 2026.
AnaptysBio is focused on developing innovative immunology therapeutics, with ongoing clinical programs targeting autoimmune and inflammatory diseases, including its lead program, rosnilimab, for rheumatoid arthritis and ulcerative colitis.
The company is also advancing multiple therapeutic antibodies in collaboration with GSK for immuno-oncology.
This stock repurchase plan reflects AnaptysBio's strong financial position and its commitment to optimizing shareholder value while continuing to advance its research and development efforts.
Currently, ANAB is trading at $19.01 up by 11.07 percent on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
