BEDFORD, Mass.--(BUSINESS WIRE)--May 23, 2018--
Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic
and regenerative medicines company specializing in therapeutics based on
its proprietary hyaluronic
acid (“HA”) technology, today announced that it will enter into an
accelerated share repurchase (ASR) program to repurchase $30 million of
its outstanding common stock.
“Our ASR program reflects Anika’s strong financial position and
underscores our confidence in the outlook for the Company,” said Joseph
Darling, President and CEO, Anika Therapeutics. “This program
demonstrates our commitment to a balanced capital allocation strategy,
as we transform Anika into a fully-integrated commercial organization to
accelerate future growth and create long-term value for our
The Company will enter into an accelerated stock repurchase agreement
with Morgan Stanley & Co. LLC pursuant to a Fixed Dollar Accelerated
Share Repurchase Transaction to purchase $30 million of shares of its
common stock. The number of shares to be repurchased will be based
generally on the volume-weighted average share price of Anika common
stock over a valuation period. The Company plans to utilize existing
cash on hand to fund the ASR program. Anika expects that the ASR program
will commence in late May and that it will be completed in the fourth
quarter of 2018.
About Anika Therapeutics, Inc.
Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic
and regenerative medicines company based in Bedford, Massachusetts.
Anika is committed to improving the lives of patients with degenerative
orthopedic diseases and traumatic conditions with clinically meaningful
therapies along the continuum of care, from palliative pain management
to regenerative tissue repair. The Company has over two decades of
global expertise developing, manufacturing, and commercializing more
than 20 products based on its proprietary hyaluronic
acid (HA) technology. Anika's orthopedic medicine portfolio includes ORTHOVISC®,
which alleviate pain and restore joint function by replenishing depleted
HA, and HYALOFAST,
a solid HA-based scaffold to aid cartilage repair and regeneration. For
more information about Anika, please visit www.anikatherapeutics.com.
The statements made in this press release, which are not statements
of historical fact, are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, those relating to the Company’s share
repurchase program and future events pursuant to the ASR Agreement and
any effects, results, or other matters related thereto. These statements
are based upon the current beliefs and expectations of the Company’s
management and are subject to significant risks, uncertainties, and
other factors. These statements can be affected by inaccurate
assumptions and by known and unknown risks and uncertainties that are
difficult to predict or beyond the Company's control, including, among
others, the terms of the ASR Agreement and factors affecting the final
number and price of shares to be purchased under the ASR Agreement,
including the volume-weighted average stock price of the Company's
common stock and actions taken by Morgan Stanley with respect to such
arrangement, and events and transactions that could result in the
termination of the ASR Agreement. Additional factors and risks are
described in the Company's periodic reports filed with the Securities
and Exchange Commission, and they are available on the SEC's website at www.sec.gov.
Forward-looking statements are made based on information available to
the Company on the date of this press release, and the Company assumes
no obligation to update the information contained in this press release.
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Source: Anika Therapeutics, Inc.
Anika Therapeutics, Inc.
Sylvia Cheung, 781-457-9000