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Omnicare will buy back $250M in stock from Goldman

CINCINNATI (AP) -- Omnicare Inc. said Thursday it has agreed to repurchase $250 million in company stock from Goldman Sachs & Co.

Omnicare dispenses drugs for nursing homes and other long-term care centers. The company said it will begin by repurchasing about 5.8 million shares from Goldman, one of its largest shareholders. The total amount of shares the company buys will be based on Omnicare's stock price over a period of time expected to end in the first half of 2013.

The company said it had $498 million on its latest stock repurchase program as of Sept. 30.

Omnicare shares rose 84 cents, or 2.4 percent, to $35.14 in morning trading. The stock has traded between $29.24 and $36.80 in the last 12 months.