11:21 AM EDT, 08/13/2024 (MT Newswires) -- (Updates with the latest stock movement in the last paragraph.)

Penumbra (PEN) said Tuesday its board has authorized a share-repurchase program for up to $200 million of its common stock.

The company said that under the authorization that expires July 31, 2025, it entered into an accelerated share-repurchase agreement with JPMorgan Chase's (JPM) JPMorgan Chase Bank unit to buy back $100 million of common stock.

Penumbra said it will make an initial payment of $100 million to JPMorgan Chase Bank under the agreement, the final settlement of which is expected to be completed in Q3.

Shares of Penumbra were up nearly 10% in recent trading.

Price: 185.44, Change: +16.65, Percent Change: +9.86