For the past 20 years, Novartis has held a 33 percent stake in Roche, the company’s Basel, Switzerland neighbor. Now, Novartis has divested the Swiss drugmaker’s one-third stake to Roche for $20.7 billion.

To support the long-term goals of Novartis, the Swiss pharma giant is initiating a share-buyback program of up to $2.5 billion that is expected to be carried out over the next few months.

Hours after Bristol-Myers Squibb announced a $2 billion stock buyback plan, billionaire investor Carl Icahn snapped up a “large stake” of BMS stock, which sent shares soaring.

Following its emergence from Chapter 11 bankruptcy protection, KaloBios is in the process of reacquiring company shares owned by its disgraced former CEO.

Allergan Plc reported a higher-than-expected quarterly profit and said it would buy back up to $10 billion in company stock.