IRVINE, Calif., Feb. 4, 2016 /PRNewswire/ -- Edwards Lifesciences Corporation (NYSE: EW), the global leader in patient-focused innovations for structural heart disease and critical care monitoring, announced today that it has entered into an accelerated share repurchase (ASR) agreement with Morgan Stanley & Co. LLC to repurchase $325 million of Edwards' common stock. This repurchase is part of the Company's previously authorized program to repurchase up to $750 million of the Company's common stock.
Under the terms of the ASR, Edwards has agreed to purchase $325 million of its common stock from Morgan Stanley & Co. LLC with an initial delivery of 3.2 million shares. The final number of shares repurchased and delivered under the ASR will be based on the volume weighted average share price of the Company's common stock over the ASR period, which is expected to be up to ten months, subject to certain adjustments pursuant to the ASR agreement. The Company is funding the ASR with existing available cash.
About Edwards Lifesciences
Edwards Lifesciences, based in Irvine, Calif., is the global medical technology leader in patient-focused medical innovations for structural heart disease, as well as critical care and surgical monitoring. Driven by a passion to help patients, the company collaborates with the world's leading clinicians and researchers to address unmet healthcare needs, working to improve patient outcomes and enhance lives. For more information, visit www.Edwards.com and follow us on Twitter at @EdwardsLifesci.
SOURCE Edwards Lifesciences Corporation