GENZ To Repurchase $1 Billion Stock From Goldman

Genzyme Corp

announced that it will repurchase $1 billion of its stock from Goldman Sachs & Co

. The biotechnology company will buy-back its shares under an accelerated share purchase program. The company will pay $1 billion on June 22, when it will receive around 15.5 million shares. These shares account for 80% of the stock the company aims to buy through $1 billion. GENZ mentioned that the proceeds from a latest debt offering will be used to support the first tranche of its $2 billion share repurchase plan announced in May. Shares of GENZ gained 0.68% to $51.78 at 10:05 am. Read more