XBioTech Inc: Surges to near 5-yr high on $420 mln share repurchase

XBiotech

14/01/2020 17:26

** Drug developer's  XBIT.O  shares jump 41.8% to $26.40 -
highest since Apr 2015
    ** Company starts a tender process to buyback $420 mln worth
of its shares at $30-$33 per share in cash — a premium of
61%-77% to its closing price on Monday  urn:newsml:reuters.com:*:nGNX5VcZtZ
    ** Company says its "modified Dutch auction" offer expires
on Feb. 12, 2020 at 5 p.m. ET, unless extended
    ** Offer not contingent upon company receiving any financing
- XBIT
    ** Stock had more than tripled in 2019

 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com;))