Arbutus Biopharma to repurchase 46,000,000 shares for $230 million in modified Dutch auction

Arbutus Biopharma said it expects to repurchase 46,000,000 common shares for cancellation in a modified Dutch auction tender offer. The preliminary purchase price was set at US$ 5.00 per share, implying US$ 230 million in total consideration. The offer was oversubscribed, with 65,907,215 shares tendered at or below US$ 5.00 and an estimated proration about 55%. Roivant Sciences tendered proportionately, keeping its stake near 19.5% following completion of the repurchase. Shares outstanding are expected to fall to about 153,275,907 once the repurchase is completed.