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Thoratec approves $150M stock repurchase

PLEASANTON, Calif. (AP) -- Heart device maker Thoratec Corp. said Monday its board had authorized a buyback of as much as $150 million in stock by the end of 2013.

The plan includes a $75 million accelerated stock repurchase agreement with JPMorgan Chase & Co. It will receive approximately 1.5 million shares immediately.

The remaining $75 million can be used to buy back stock until the end of 2013.

Its previous authorization expired in early November.

Shares of Thoratec fell 58 cents, or 1.5 percent, to $37.45 in morning trading after rising to a two-year high of $38.43 earlier in the session.