By Colin Kellaher
Bristol Myers Squibb is buying back $4 billion worth of stock under accelerated repurchase agreements with Bank of America, Citibank, JPMorgan Chase and Morgan Stanley.
The New York biopharmaceutical company on Thursday said the move is part of a multi-year buyback program that will have about $2 billion remaining after the transactions.
Bristol Myers, which had nearly 2.09 billion shares outstanding as of July 20 and sports a market capitalization topping $125 billion, said it expects an initial delivery of 85% of the shares to be repurchased under the agreements, with final settlement by the end of the year.
Bristol Myers shares, which closed Thursday at $60.62, were recently up 1.4% premarket at $61.46.
Write to Colin Kellaher at [email protected]
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