Davis Polk advised the counterparty in connection with an accelerated share repurchase transaction entered into between the counterparty and Pfizer Inc. (“Pfizer”), pursuant to which Pfizer is repurchasing $5 billion of its common stock. Approximately 136 million of the shares to be repurchased under the transaction will be received by Pfizer on March 10, 2016. At settlement of the transaction, which is expected to occur during the second quarter of 2016, the counterparty may be required to deliver additional shares of common stock to Pfizer, or, under certain circumstances, Pfizer may be required to deliver shares of its common stock or may elect to make a cash payment to the counterparty, with the number of shares to be delivered or the amount of such payment based on the volume-weighted average price of Pfizer’s common stock during the term of the transaction.

Headquartered in New York City, Pfizer is a research-based, global biopharmaceutical company. Pfizer applies science and its global resources to bring therapies to people that extend and significantly improve their lives through the discovery, development and manufacture of healthcare products.

The Davis Polk equity derivatives team included partner Mark M. Mendez and associate Katharine O’Banion. All members of the Davis Polk team are based in the New York office.

Copy link to share post