Arbutus Biopharma launches $230M Dutch auction tender offer

Arbutus Biopharma Corporation (Nasdaq: ABUS) has commenced a modified "Dutch Auction" tender offer to repurchase up to $230 million of its common shares at a price between $5.00 and $5.75 per share, according to a company statement.

The offer began Aug. 24, 2026, and is set to expire at 5:00 p.m. New York City time on Sept. 29, 2026, unless extended or terminated. As of Aug. 19, 2026, there were 198,105,743 shares issued and outstanding. If fully subscribed, the repurchase would represent between 20.2% and 23.2% of outstanding shares, depending on the final purchase price.

The closing price of Arbutus shares on the Nasdaq Stock Market on Aug. 21, 2026, the last full trading day before the offer commenced, was $5.21 per share.

Shareholders may tender through an auction tender at a specified price, a purchase price tender without specifying a price, or a proportionate tender to maintain their existing ownership percentage. The company intends to fund the repurchase with cash on hand. The offer is not contingent on financing or a minimum number of shares being tendered.

The offer follows Arbutus receiving approximately $178 million in July 2026 as its share of a noncontingent payment from a settlement with Moderna, Inc. resolving global patent infringement litigation related to Moderna's use of Arbutus's lipid nanoparticle technology in its COVID-19 vaccines.

Roivant Sciences Ltd., which beneficially owns approximately 19.6% of Arbutus shares, has indicated it intends to make a proportionate tender. Certain directors and executive officers have indicated they intend to tender up to an aggregate of 682,630 shares through purchase price tenders.

J.P. Morgan Securities LLC is serving as dealer manager, and Georgeson LLC is serving as information agent for the offer.

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