Botox maker Allergan announces $2bn share buyback

 
Courtney Goldsmith
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FDA Approves Cosmetic Use of Botox
The pharma firm has promised to pay down its huge debt pile (Source: Getty)

Drugmaker Allergan unveiled a $2bn share buyback programme today.

The Botox maker also reaffirmed its commitment to paying down its $3.75bn (£2.78bn) debt pile in 2018.

"We continue to believe that Allergan stock is substantially undervalued, and the share price today presents a unique investment opportunity for the company," said Brent Saunders, chairman, chief executive and president of the firm.

Read more: Allergan to acquire Tobira Therapeutics for $1.6bn

"In its decision, the board is demonstrating its confidence in our future prospects."

The move follows a recently completed $15bn buyback.

In a separate statement the company said Tessa Hilado, its chief financial officer, would resign.

The company has started the search to fill the position, and Hilado, who joined in 2014, will remain in the role until a successor is named.

Allergan's New York-listed shares rose 0.74 per cent in pre-market trading.

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