Forest Laboratories, Inc. Announces Accelerated Share Repurchase
June 03 2011 - 10:16AM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) announced today that it
has entered into an agreement with Morgan Stanley & Co.
Incorporated to repurchase $500 million of its common shares under
an accelerated share repurchase program. Forest will acquire these
common shares under the Board authorized 50 million share
repurchase program announced on May 18, 2010.
The specific number of shares to be repurchased will be
determined by the discounted volume-weighted average price of the
stock during the term of the agreement, subject to collar
provisions that establish the minimum and maximum price. The
transaction is expected to be completed no later than the fourth
quarter of the fiscal year ending March 31, 2012. All of the
purchased shares will be retired. Prior to issuance of this press
release, no trading activity occurred in the public market related
to this accelerated share repurchase program.
About Forest
Laboratories
Forest Laboratories' (NYSE: FRX) longstanding global
partnerships and track record developing and marketing
pharmaceutical products in the United States have yielded its
well-established central nervous system and cardiovascular
franchises and innovations in anti-infective and respiratory
medicine. The Company's pipeline, the most robust in its history,
includes product candidates in all stages of development across a
wide range of therapeutic areas. The Company is headquartered in
New York, NY. To learn more, visit www.FRX.com.
Except for the historical information contained herein, this
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements involve a number of risks and uncertainties, including
the difficulty of predicting FDA approvals, the acceptance and
demand for new pharmaceutical products, the impact of competitive
products and pricing, the timely development and launch of new
products, and the risk factors listed from time to time in Forest
Laboratories' Annual Report on Form 10-K, Quarterly Reports on Form
10-Q, and any subsequent SEC filings.
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