Allergan Plans Share Buyback Program Of Up To $10B

Allergan plc shares were up 4.4% in pre-market trade Tuesday after the company said it approved a new $10 billion share buyback program. Allergan plans to buy back $4 to $5 billion in the open market over four to six months, depending on market conditions. The company said it may extend the program after that if the company's shareholders approve an increase in distributable reserves and "if favorable market conditions persist." The buyback can only start after the company divests its global generics business to Teva, projected to be completed by the end of June 2016. Allergan said it can choose to end the buyback at any time.