UPPSALA, Sweden--(BUSINESS WIRE)--Orexo AB (publ.) (STO:ORX) announces that the company has resolved to issue and immediately thereafter repurchase 200,000 class C shares. The shares are issued and repurchased in accordance with the long-term incentive program, LTIP 2016, which was adopted by the annual general meeting on April 15, 2016.
Danske Bank subscribes for the entire issue of new class C shares at a subscription price of SEK 0.40 per share, equal to the quota value of the shares. The entire issue of class C shares will thereafter be repurchased by Orexo for SEK 0.40 per share.
The purpose of the share issue is to enable the future delivery of ordinary shares to those participating in LTIP 2016. The class C shares will be converted into ordinary shares prior to delivery to qualifying participants in LTIP 2016. The class C shares do not entitle to dividends.
Orexo is a specialty pharmaceutical company commercializing its proprietary product Zubsolv® for treatment of opioid dependence in the US. Zubsolv is an advanced formulation of buprenorphine and naloxone using Orexo’s unique knowledge and expertise in sublingual drug delivery. R&D is focusing on reformulation of known substances to new improved products that meet great unmet medical needs by using its patented proprietary technologies. Orexo’s share is listed on Nasdaq Stockholm Exchange Mid Cap (STO:ORX) and is available as ADRs on OTCQX (ORXOY) in the US. Orexo’s global headquarters and R&D are based in Uppsala, Sweden.
For more information about Orexo, please visit www.orexo.com or follow us on Twitter or LinkedIn. For further information about Zubsolv in the US, please visit www.zubsolv.com.
The information was submitted for publication at 6:00 pm CET, September 22, 2016
This information was brought to you by Cision http://news.cision.com
Henrik Juuel, EVP and CFO
Tel: +46 (0)18 780 88 00
For more information:
Last updated on: 23/09/2016
PharmiWeb.com is Europe's leading industry-sponsored portal for the Pharmaceutical sector, providing the latest jobs, news, features and events listings.
The information provided on PharmiWeb.com is designed to support, not replace, the relationship that exists between a patient/site visitor and his/her physician.