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Anika Therapeutics plans $30M accelerated share repurchase program

Anika Therapeutics Inc. plans to enter an accelerated share repurchase agreement with Morgan Stanley & Co. LLC to buy $30 million of its outstanding common shares.

The company plans to use existing cash on hand to fund the program, which is expected to start in late May and will be completed in the fourth quarter of 2018.

Bedford, Mass.-based Anika provides orthopedic medicines for patients with degenerative orthopedic diseases and traumatic conditions in the U.S. and internationally.