February 9, 2015 / 11:04 PM / 4 years ago

Pfizer in $5 billion accelerated buyback deal with Goldman, Sachs & Co

A man walks past Pfizer's world headquarters in New York in this file photo from April 28, 2014. REUTERS/Andrew Kelly/Files

(Reuters) - Drugmaker Pfizer Inc (PFE.N) said it entered into an agreement with Goldman, Sachs & Co to buy back $5 billion of its stock.

Pfizer said the accelerated share repurchase was assumed in the forecast for the full year it provided last month.

Under the agreement, which forms a part of Pfizer’s existing buyback authorization, about 150 million shares will be bought.

The settlement is expected during or prior to the third quarter.

Shares of the New York-based company closed at $33.06 on the New York Stock Exchange on Monday.

Reporting by Anjali Rao Koppala in Bengaluru; Editing by Joyjeet Das

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