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Medicure plans to repurchase, cancel shares to boost share value

Canada's Medicure Inc. said it plans to repurchase and cancel up to 794,088, common shares to enhance value for shareholders.

The TSX Venture Exchange has accepted the company's notice to repurchase and cancel the shares.

The Winnipeg, Manitoba-based pharmaceutical company had 15,881,760 common shares outstanding as of May 17, of which 7,445,612 shares represent its public float.

The repurchase will start May 28 this year and end May 27, 2019, or earlier, should the company complete the maximum allowed purchases before the end date.

PI Financial Corp. will buy the shares on behalf of the company on the open market, after which the company will surrender the shares to its transfer agent for cancellation.

Medicure develops and sells therapeutics for the U.S. cardiovascular market.