Pfizer Inc. on Friday announced that it has entered into an accelerated share repurchase agreement with Citibank N.A. (Citibank) to repurchase $5 billion of Pfizer’s common stock. This agreement is part of Pfizer’s existing share repurchase authorization.
Approximately 126 million of the shares to be repurchased under the transaction will be received by Pfizer today, February 6, 2017.
At settlement of the agreement, which is expected to occur during or prior to the third quarter of 2017, Citibank may be required to deliver additional shares of 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 Citibank, 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.
(Source: Business Wire)
Filed Under: Drug Discovery