Edwards Lifesciences announced on Feb. 4 that it had agreed to repurchase $325 million of its common stock from Morgan Stanley & Co. Edwards is funding the accelerated share repurchase using available cash, according to a news release.
The repurchase is part of Edwards’ previously announced program to repurchase up to $750 million of its common stock. Initially, Morgan Stanley will deliver 3.2 million shares to Edwards. The final number of shares will be based on the volume weighted average share price of Edwards’ common stock during the accelerated share repurchase agreement period, which the company said could last up to 10 months.
In November, Edwards announced a two-for-one split of the company’s common shares of stock, its first stock split since May 2010.
As of the morning of Feb. 5, Edwards’ common stock was trading at $83.28 per share, close to its 52-week high of $84.84 per share.
Executive Editor
Tim Casey joined TriMed Media Group in 2015 as Executive Editor. For the previous four years, he worked as an editor and writer for HMP Communications, primarily focused on covering managed care issues and reporting from medical and health care conferences. He was also a staff reporter at the Sacramento Bee for more than four years covering professional, college and high school sports. He earned his undergraduate degree in psychology from the University of Notre Dame and his MBA degree from Georgetown University.