Mylan to buy back up to $1B in shares

November 16, 2015 6:52 PM

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Mylan to buy back up to $1B in shares

Mylan NV announced plans Monday to repurchase up to $1 billion of its shares in the next year, days after it fell short in completing a takeover of rival pharmaceutical manufacturer Perrigo Co. plc.

The announcement said the share repurchasing program didn't require a specific number of shares but said it would last through Aug. 27, 2016. Mylan shares were up 2 percent to $49.79 as of about noon Monday. Stock in Mylan (Nasdaq: MYL) has traded between $37.59 and $76.78 over the past year.

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