CAMBRIDGE, Mass.--(BUSINESS WIRE)--Biogen (NASDAQ:BIIB) today announced that its Board of Directors has authorized a program to repurchase up to $5 billion of the Company’s common stock. The share repurchase program does not have an expiration date. Biogen currently expects that purchases will be executed within a period of up to five years. The repurchased shares will be retired.
This share repurchase program is in addition to the approximately 1.3 million shares remaining under Biogen's February 2011 share repurchase program, which has been used principally to offset common stock issuances under the Company's share-based compensation plans.
Through cutting-edge science and medicine, Biogen discovers, develops and delivers to patients worldwide innovative therapies for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders. Founded in 1978, Biogen is one of the world’s oldest independent biotechnology companies and patients worldwide benefit from its leading multiple sclerosis and innovative hemophilia therapies. For product labeling, press releases and additional information about the company, please visit www.biogen.com.
This press release contains forward-looking statements, including statements regarding the expected time period to execute repurchases of our common stock and the retirement of the repurchased shares. These statements involve risks and uncertainties that could cause actual expectations and results to differ materially from those reflected in such statements, including our ability to effect repurchases under the share repurchase program due to changes in our stock price, corporate or other economic or market conditions, the nature of other investment opportunities we may have from time to time and other risks and uncertainties that are described in the Risk Factors section of our most recent annual or quarterly report and in other reports we have filed with the SEC. These statements are based on our current beliefs and expectations as of the date of this press release. We do not undertake any obligation to publicly update any forward-looking statements.