MONTREAL, July 08, 2019 (GLOBE NEWSWIRE) -- Knight Therapeutics Inc. (TSX:GUD) (“Knight” or the “Company ”), a leading Canadian specialty pharmaceutical company, announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the Company proposes to purchase, from time to time over the next 12 months, if considered advisable, up to 12,053,693 common shares of the Company, being approximately 10% of its public float of 120,536,931 common shares, as of July 2, 2019. As of July 2, 2019, there were a total of 142,868,687 common shares issued and outstanding. Purchases may commence on July 11, 2019 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 10, 2020. The Company may purchase up to a daily maximum of 88,853 Shares (being 25% of the average daily trading volume of 355,415 shares, for the last six calendar months). The common shares may be purchased for cancellation through the facilities of the TSX or through alternative Canadian trading systems at times and in numbers to be determined by the Company. Knight has not purchased any of its common shares in the twelve months preceding this announcement.
Knight also entered into an automatic share purchase plan with a broker in order to facilitate purchases of its common shares under the NCIB. Under Knight’s automatic share purchase plan, Knight’s broker may repurchase common shares which would ordinarily not be permitted due to regulatory restrictions or self-imposed blackout periods. Purchases will be made by Knight's broker based upon the parameters prescribed by the TSX and applicable Canadian securities laws and the terms of the parties’ written agreement. The automatic share purchase plan has been pre-cleared by the TSX and will be implemented effective as of July 11, 2019.
The Company believes that the market price of Knight's common shares, from time to time, may not reflect the inherent value of the Corporation and purchases of common shares pursuant to the bid may represent an appropriate and desirable use of the Corporation's funds. The price that Knight will pay for Common Shares in open market transactions will be the market price at the time of purchase.
About Knight Therapeutics Inc.
Knight Therapeutics Inc., headquartered in Montreal, Canada, is a specialty pharmaceutical company focused on acquiring or in-licensing innovative pharmaceutical products for the Canadian and select international markets. Knight Therapeutics Inc.'s shares trade on TSX under the symbol GUD. For more information about Knight Therapeutics Inc., please visit the company's web site at www.gudknight.com or www.sedar.com.
This document contains forward-looking statements for Knight Therapeutics Inc. and its subsidiaries. These forward-looking statements, by their nature, necessarily involve risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statements. Knight Therapeutics Inc. considers the assumptions on which these forward-looking statements are based to be reasonable at the time they were prepared, but cautions the reader that these assumptions regarding future events, many of which are beyond the control of Knight Therapeutics Inc. and its subsidiaries, may ultimately prove to be incorrect. Factors and risks, which could cause actual results to differ materially from current expectations are discussed in Knight Therapeutics Inc.'s Annual Report and in Knight Therapeutics Inc.'s Annual Information Form for the year ended December 31, 2018. Knight Therapeutics Inc. disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information or future events, except as required by law.