Full Press Release Details
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (AS IT FORMS
PART OF DOMESTIC LAW IN THE UK BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018).
Indivior Announces a New $100 Million Share Repurchase
New Program will be Executed Over an Accelerated Time
Under Current Program Now Expected to be Completed by End of
Richmond, VA, July 25, 2024 - Indivior PLC (Nasdaq/LSE:
INDV) ("Indivior" or the "Company"), a leading addiction treatment
company, today announced that its Board of Directors has approved a
new share repurchase program under which the Company will commence
repurchasing Indivior's ordinary shares of $0.50 each (the
"Ordinary Shares") for up to a maximum consideration of $100
million (the "New Program"). The New Program will be carried
out on an accelerated basis and is expected to be completed over
the next six months, subject to
compliance with applicable trading
In addition, Indivior is expediting repurchases under its current
$100 million program, which commenced in November 2023 (the
"Current Program") and which was originally expected to be
completed by end of August 2024. Subject to compliance with
applicable trading restrictions, the Company intends to complete
its Current Program by the end of July 2024 and initiate this New
Program immediately thereafter.
In relation to the New Program, Indivior has entered into an
irrevocable, non-discretionary agreement with Morgan Stanley &
Co. International Plc ("Morgan Stanley") under which Morgan Stanley
has agreed to carry out on-market purchases of Ordinary Shares,
acting as riskless principal, during the period commencing on the
business day following the completion of the Current Program, and
ending no later than January 31, 2025, for an aggregate purchase
price of no greater than $100 million and the simultaneous on-sale
of such Ordinary Shares by Morgan Stanley to Indivior.
Morgan Stanley will make trading decisions in relation to the New
Program independently of Indivior in accordance with certain
pre-set parameters set out in the agreement with Morgan
purchases of Ordinary Shares by the Company in relation to the New
Program will be carried out on the London Stock Exchange
Stock Exchange Limited and/or on CBOE Europe Limited through the
BXE and CXE order books and/or Nasdaq (in
accordance with the terms of the arrangement entered into with
Morgan Stanley) and (as applicable) in accordance with (and subject
to the limits prescribed by) the Company's general
authority to make market purchases of Ordinary Shares granted by
its shareholders at the annual general meeting held on May 9, 2024
(the "Authority"), assimilated Regulation 596/2014 (as it forms
part of UK law pursuant to the European Union (Withdrawal) Act
Delegated Regulation (EU) 2016/1052 of March 8, 2016 supplementing
Regulation No 596/2014 of the European Parliament and of the
Council with regard to regulatory technical standards for the
conditions applicable to buyback programs and stabilization
measures (as implemented, retained, amended, extended, re-enacted
or otherwise given effect in the United Kingdom from January 1,
2021 and as amended or supplemented in the United Kingdom
Rule 10b5-1 and Rule 10b-18 under the U.S. Securities Exchange Act
of 1934, as amended.
As the purpose of the New Program is to reduce the issued share
capital of Indivior, to the extent permitted by law, all Ordinary
Shares purchased under the New Program will be
The maximum number of Ordinary Shares that may be repurchased under
the New Program is 13,649,017, being the number of Ordinary Shares
Indivior is authorized to repurchase under the terms of the
The person responsible for making this announcement is Kathryn
Hudson, Company Secretary.
This announcement does not constitute, or form part of, an offer or
any solicitation of an offer for securities in any
Indivior is a global pharmaceutical company working to help change
patients' lives by developing medicines to treat substance use
disorders (SUD), overdose and serious mental illnesses. Our vision
is that all patients around the world will have access to
evidence-based treatment for the chronic conditions and
co-occurring disorders of SUD. Indivior is dedicated to
transforming SUD from a global human crisis to a recognized and
treated chronic disease. Building on its global portfolio of OUD
treatments, Indivior has a pipeline of product candidates designed
to both expand on its heritage in this category and potentially
address other chronic conditions and co-occurring disorders of SUD,
including alcohol use disorder and cannabis use disorder.
Headquartered in the United States in Richmond, VA, Indivior
employs over 1,000 individuals globally and its portfolio of
products is available in 37 countries worldwide.
Visit www.indivior.com to
learn more. Connect with Indivior on LinkedIn by
visiting www.linkedin.com/company/indivior.
Important Cautionary Note Regarding Forward-Looking
This news release contains certain statements that are
forward-looking. Forward-looking statements include, among other
things, the expected completion date of the Prior Repurchase
Program, the amount or value of shares that will be repurchased
under either program, expected future growth, our ability to
execute our business strategy and return capital to shareholders,
our future cash flows, our ability to reinvest in the business and
progress our pipeline and other statements containing the words
"believe," "anticipate," "plan," "expect," "intend," "estimate",
"forecast," "strategy," "target," "guidance," "outlook,"
"potential," "project," "priority," "may," "will," "should,"
"would," "could," "can," "outlook," "guidance," the negatives
thereof, and variations thereon and similar expressions. By their
nature, forward-looking statements involve risks and uncertainties
as they relate to events or circumstances that may or may not occur