Ther­a­vance de­clares in­de­pen­dence from GSK, crafts $250M plan to buy back its own shares

As Ther­a­vance Bio­phar­ma tries to plot its come­back, it an­nounced Mon­day morn­ing that it would be buy­ing its own shares from GSK — one of its ma­jor share­hold­ers.

Ther­a­vance is buy­ing back over 9.5 mil­lion shares from GSK for rough­ly $94 mil­lion, ac­cord­ing to an SEC fil­ing. In ad­di­tion, Ther­a­vance plans to buy back $95 mil­lion from its ex­ist­ing in­vestors “in the near term,” and an­oth­er $60 mil­lion in its shares on the open mar­ket. In a press re­lease, Ther­a­vance says it hopes to com­plete that part of its plan by the end of 2023.

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