Allergan (AGN) Approves $10B Common Stock Buyback Program
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Allergan plc (NYSE: AGN) announced that the Company's board of directors has authorized a new share repurchase program of up to $10 billion of the Company's common stock. Allergan expects to execute $4 - $5 billion in open market repurchases over four to six months subject to favorable market conditions. If favorable market conditions persist, the Company will consider extending the program following the completion of the initial portion of the share repurchase program and the implementation of an increase in distributable reserves as approved by the Company's shareholders. The program may be discontinued at any time.
The share repurchase program is pending the completion of and receipt of proceeds from the divestiture of Allergan's Global Generics business to Teva, expected to close by the end of June 2016.
"We believe there is no greater investment than Allergan stock, given our powerful growth prospects," said Brent Saunders, CEO and President of Allergan. "As we think about our capital deployment options post the close of the Teva transaction, in addition to the stock repurchase program, we will have the ability to pay down debt to maintain our investment grade credit ratings and preserve significant firepower to invest for growth."
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