Genzyme To Buy Back $1B In Stock
Cambridge-based biotech and pharmaceuticals giant Genzyme Corp. has ramped up a $1 billion accelerated stock repurchase program.
Through investment bank Goldman Sachs & Co., Genzyme will complete the $1 billion sale as part of an overall $2 billion share repurchase plan announced last month. It will use the proceeds from a recently completed debt offering to finance the plan.
Under terms of the agreement, Genzyme will pay Goldman $1 billion and receive 15.5 million shares of company common stock.
That's about 80 percent of the total number of shares to be repurchased based on current stock prices. Upon final settlement, Genzyme will either receive more shares or be required to pay more, either in cash or stock, to complete the deal.
Genzyme has more than 2,500 employees in Central Massachusetts.
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