Printer Friendly

Pfizer begins USD5bn accelerated share repurchase programme.

M2 PHARMA-March 10, 2016-Pfizer begins USD5bn accelerated share repurchase programme


Science company Pfizer Inc (NYSE:PFE) revealed on Wednesday the launch of an accelerated USD5bn share repurchase agreement with Goldman Sachs & Co (GS&Co).

Under the existing share repurchase plan, Goldman, Sachs & Co (GS&Co) will repurchase USD5bn of Pfizer's common stock.

About 136m of the shares to be repurchased under the transaction will be received by Pfizer on 10 March 2016.

The accelerated share repurchase plan has been assumed in Pfizer's 2016 financial guidance.

At settlement around the Q2 of 2016, GS&Co may be required to deliver additional common stock to Pfizer, or, under certain circumstances, Pfizer may be required to deliver shares of its common stock or may elect to make a cash payment to GS&Co, with the number of shares to be delivered or the amount of such payment based on the volume-weighted average price of Pfizer's common stock during the term of the transaction.

((Comments on this story may be sent to

COPYRIGHT 2016 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2016 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 Pharma
Date:Mar 10, 2016
Previous Article:Pharming Group's unaudited net loss narrows to EUR10.0m in 2015.
Next Article:United Health Products selects CJ Global Capital as exclusive distributor for India.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters