Well Biogen is following AMGN's lead and turning cannibal. Not much fun for us poor onlookers when the big guys just chew on their own extremities instead of hunting down something tastier:
Headline: Biogen Announces That Board of Directors has Authorized Repurchase of
Up to 4,000,000 Shares of Common Stock
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CAMBRIDGE, Mass., Feb. 22 /PRNewswire/ -- Biogen, Inc. (NASDAQ:BGEN)
today announced that its Board of Directors has authorized the repurchase of
up to 4,000,000 shares of its common stock. The repurchased stock will
provide the Company with treasury shares for general corporate purposes, such
as stock to be issued under employee stock option and stock purchase plans.
Stock purchases will occur from time to time over the next two years,
depending on market conditions and other corporate considerations.
Jim Vincent, Biogen's Chairman and Chief Executive Officer, said, "We
believe the repurchase of our stock is an attractive opportunity and is
consistent with our objective of enhancing long-term shareholder value. The
Board's action further demonstrates our continued confidence in our strategy
and in our prospects for future growth."
During the period from December 1997 through November 1998, the Company
completed a 2,000,000 share buyback, representing the first stock repurchase
program instituted by the Company.
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