Pfizer (PFE)  has entered into an accelerated share repurchase agreement with Goldman Sachs to repurchase $5B of Pfizer’s common stock. This agreement is part of Pfizer’s existing share repurchase authorization. Approximately 136 million of the shares to be repurchased under the transaction will be received by Pfizer on March 10.

At settlement of the agreement, which is expected to occur during Q2, GS&Co. 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 GS&Co., 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.