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Allergan announces stock repurchase plan
Allergan plc announced in a press release that its board of directors has authorized a share repurchase program of up to $10 billion of the company's common stock.Allergan reported that it expects to make $4 billion to $5 billion in open market repurchases during the next four to six months, “subject to favorable market conditions,” according to the release. The share repurchase program is “pending the completion of and receipt of proceeds from the divestiture of Allergan's Global Generics business to Teva, expected to close by the end of June 2016,” Allergan reported.