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Merck Board Approves $5 Billion in Stock Buybacks

Merck says its board of directors approved the buyback of up to $5 billion in common stock for the drug developer's treasury.

Merck
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Merck

The company, based in Whitehouse Station, N.J., says the purchases have no time limit. Overall, the company is now authorized to buy back up to $6.4 billion in common stock.

Merck has about 3.08 billion shares of common stock outstanding.

Shares closed at $35.06 Tuesday.