Allergan announces latest share buyback initiative

Allergan is set to buy back $2 billion (1.48 billion pounds) in shares as it begins a second round of its share repurchase programme.

The firm, which recently completed a separate buyback of $15 billion of its own shares, believes its shares are undervalued, and the announcement has prompted a price rise.

Reuters reports Allergan shares climbed nearly four per cent during morning trading yesterday (September 25th), partially reversing the fall of around a fifth witnessed since late July.

The global pharmaceutical company also announced it is beginning the search for a new chief financial officer, as Tessa Hilado is set to retire. She will stay in the post until her successor is found and said in a statement that the company has "time to identify my successor and orchestrate a smooth hand-off to continue Allergan's progress".

Commenting on the latest share buyback announcement, chairman, CEO and president of Allergan Brent Saunders said the share price as it stands "presents a unique investment opportunity for the company".

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