PLEASANTON, Calif. (AP) — Heart device maker Thoratec Corp. said Monday its board had authorized a buyback of as much as $150 million in stock by the end of 2013.
The plan includes a $75 million accelerated stock repurchase agreement with JPMorgan Chase & Co. It will receive approximately 1.5 million shares immediately.
The remaining $75 million can be used to buy back stock until the end of 2013.
Its previous authorization expired in early November.
Shares of Thoratec fell 58 cents, or 1.5 percent, to $37.45 in morning trading after rising to a two-year high of $38.43 earlier in the session.