Forest Laboratories, Inc. Announces Additional Accelerated Share Repurchase
August 15 2011 - 5:47PM
Business Wire
Forest Laboratories, Inc. (NYSE: FRX) announced today that it
has entered into an agreement with Morgan Stanley & Co.
Incorporated to repurchase an additional $350 million of its common
shares under an accelerated share repurchase program. Forest will
acquire these common shares under the Board authorized fifty
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 quarter
ending September 30, 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 transaction.
“We are pleased to announce this additional share repurchase
transaction. We believe this is an opportune time for such a
purchase based on market conditions and our cash balances in the
United States, which enable us to return capital to shareholders
while maintaining our commitment to new business development
activities,” said Howard Solomon, Chairman, Chief Executive Officer
and President of Forest. “This purchase is in addition to the $500
million stock repurchase transaction that we executed in June, and
the $4.4 billion of capital that we already have returned to
shareholders through repurchases over the past five years.”
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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