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The film will also feature Logan Lerman and will be written and directed by Stephen Chbosky, who will adapt from his own 1999 novel of the same name, Variety reports.
The Perks Of Being A Wallflower centres on Charlie (Lerman), a 15-year-old outsider struggling through life and dealing with his first love (Watson).
The film has been acquired by Summit Entertainment and is being produced by Lianne Halfon and Russell Smith via Mr Mudd. It will be executive produced by John Malkovich.
Shooting on the project is expected to begin this summer.
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