Earlier this week, Forest Laboratories Inc. declared that it would repurchase stock worth $350 million from Morgan Stanley & Co.
By September 30, 2012, the manufacturer of antidepressants is expected to complete the repurchase of stock. In May, the company consented to the buy back shares worth 50 million. As a part of that program, it also said that it will repurchase $1 billion in stock. The company declared in June that by March 31, 2012, it would repurchase $500 million in stock from Morgan Stanley.
In Tuesday afternoon trading, Forest Labs shares climbed 70 cents, or 2 percent, to $35.19. In the past one year, the stock has shuttled between $27.27 and $40.52.