Market moves: CSL buyback hits $600m

CSL (ASX:CSL) has now repurchased close to $600 million worth of its own shares, under a buyback program which commenced in October last year.

In a regulatory filing, CSL revealed it bought back just over $9 million worth of shares the day before, taking the total past $599.2 million.

The company has allocated up to $900 million for its fifth and latest buyback, and will continue to purchase shares on-market.

The program launched on October 19. At the time, the company's shares were trading at A$30.21. At this price, $900 million covered up to 6% of the company's outstanding share capital.

But the share price has since increased significantly – the highest price CSL paid during yesterday's trading was $39.50.

Patrys, Clinuvel to announce capital raisings

Drug development companies Patrys (ASX:PAB) and Clinuvel Pharmaceuticals (ASX:CUV) are currently in a trading halt while both prepare to announce capital raisings.

Both Patrys - which is developing human antibody therapies for cancer and other diseases – and Clinuvel – the company behind photoreceptive drug SCENESSE – have requested their respective trading halts in advance of the announcements.

Based on the timing of the trading halts, Patrys and Clinuvel are expected to make the announcements on Friday and Monday respectively.

Patrys' last major capital raising was an oversubscribed placement to institutional investors, which brought in $3.4 million.

Patrys (ASX:PAB) shares last traded at $0.025, while Clinuvel (ASX:CUV) shares were last worth $1.60.