After a week of disappointing news on Allergan’s drug development pipeline, the company’s shares went up following  the U.S. drugmaker authorisation of $2 billion (1.48 billion pounds) buyback.
The planned stock buyback follows Allergan’s completion of a separate $15 billion repurchase, and after the company reported mixed trial data for its experimental treatment of NASH liver fibrosis.

Allergan on Friday also received a “refusal to file” letter from the U.S. Food and Drug Administration for an expanded approval for its Vraylar drug to treat symptoms associated with schizophrenia in adults.

The drugmaker had $30.24 billion in current and long-term debt and capital leases as of June 30.

Source: The New York TImes