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Life sciences company Azenta Inc.
AZTA,
+1.81%

said Wednesday it has entered an accelerated share buyback agreement with JP Morgan Chase Bank to buy back $500 million of its own share. The deal is part of a plan to buy back up to $1.5 billion of its stock. “In addition to the ASR, the Company intends to repurchase at least an additional $500 million in common stock over the next year,” the company said in a statement. Companies are hurrying to buy back their own stock ahead of the imposition of a 1% tax starting in 2023. Shares were up 2.7% premarket, but have fallen 44% in the year to date, while the S&P 500
SPX,
+0.59%

has fallen 16%.


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