** Shares of Neuren Pharmaceuticals NEU.AX rise as much as 8.4% to A$17.940, their highest since Aug. 5
** Stock biggest pct gainer on the benchmark S&P/ASX 200 index .AXJO
** Drug manufacturer announces commencement of on-market share buyback programme of up to A$50 mln ($32.47 mln)
** Says will buy up to 3 mln shares at A$16.540 per share, based on the last close of Wednesday
** Stock down 33.8% YTD
($1 = 1.5401 Australian dollars)
(Reporting by Kumar Tanishk in Bengaluru)
((Tanishk.Kumar@thomsonreuters.com;))
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