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Actionable news in AGN: ALLERGAN Inc,

Allergan to Buy Back Up to $10 Billion in Shares

  • Drugmaker will repurchase as much as $10 billion in stock
  • CEO Saunders says he's focused on `tuck-in' deals for now

Allergan Plc, the maker of the anti-wrinkle injection Botox, said it plans to buy back as much as $10 billion in stock after completing the $40 billion sale of its generics business to Teva Pharmaceutical Industries Ltd.

Allergan will purchase $4 billion to $5 billion in stock over four to six months, depending on market conditions, the company said Tuesday in a statement. The company also reported first-quarter adjusted earnings that beat analysts’ projections.