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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Morgan Stanley | NYSE:MS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.44 | 0.48% | 93.00 | 93.31 | 92.36 | 92.81 | 4,606,108 | 00:58:26 |
AbbVie Inc. on Wednesday said it would repurchase $5 billion in shares from Morgan Stanley, following the completion of its Pharmacyclics Inc. acquisition.
In March, the Chicago pharmaceutical company unveiled plans to buy blood cancer-focused Pharmacyclics for about $21 billion--a deal it completed Tuesday. AbbVie had said it would execute an accelerated share-repurchase program to buy back at least half of the equity issued in the transaction promptly after the closing. The company in March lifted its share-repurchase authorization to $10 billion from $5 billion.
Morgan Stanley is expected to make an initial delivery of 68 million shares Wednesday.
Earlier this month, AbbVie sold $16.7 billion in new bonds to help finance the Pharmacyclics deal, marking one of the largest corporate bond deals of the year.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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