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MS Morgan Stanley

93.00
0.44 (0.48%)
27 Apr 2024 - Closed
Delayed by 15 minutes
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 Accelerates Share Buybacks

27/05/2015 1:00pm

Dow Jones News


Morgan Stanley (NYSE:MS)
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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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