Align Technology Inc, San Jose, Calif, announced that it has entered into an accelerated stock repurchase agreement (ASR) with Morgan Stanley & Co LLC, to repurchase $50 million of Align’s common stock as part of Align’s $600 million stock repurchase program announced on May 23, 2018.

Under the terms of the ASR, Align has agreed to repurchase $50 million of its common stock through Morgan Stanley, with an initial delivery of approximately 142,677 shares. The final number of shares to be repurchased will be based on Align’s volume-weighted average stock price during the term of the ASR transaction, less an agreed upon discount. The ASR transaction is expected to be completed approximately 3 months from November 7, 2018 and will be funded with the company’s cash on hand.

As of September 30, 2018, the company had approximately 80 million shares outstanding and $613.2 million in cash, cash equivalents and short-term and long-term investments.