Towa Pharmaceutical Co., Ltd. (TSE:4553) announces a share repurchase program. Under the program, the company will repurchase up to 700,000 shares, representing 4.12% of its shares outstanding excluding treasury shares, for a total cost of ¥5,000 million. The purpose of the repurchase program is to improve shareholder profits and implement a flexible capital policy by enhancing capital efficiency.

The plan will expire on December 31, 2015. As of June 30, 2015, the company had 16,995,118 shares outstanding excluding treasury shares and had 176,882 shares in treasury.