Updated at: 05/21/2013 6:36 PM
(AP) WHITEHOUSE STATION, N.J. - Merck & Co Inc. said it will repurchase $5 billion worth of its common stock under an accelerated share repurchase agreement with Goldman Sachs & Co.
Merck, the world’s third-largest drugmaker, said the buyback program is part of a previously announced $15 billion share repurchase program.
In the first four months of 2013, Merck repurchased about 17.8 million shares for a total of $772 million.
Shares of Merck & Co Inc. rose $2.12, or 4.7 percent, to close at $37.33. Shares rose 52 cents to $47.85 in after-hours trading.
(Copyright 2013 by The Associated Press. All Rights Reserved.)