Biogen OKs 5.3 pct stock buyback
February 22, 1999 04:20 PM
CAMBRIDGE, Mass., Feb 22 (Reuters) -Pharmaceutical company Biogen Inc., maker of Avonex, the world's most widely prescribed drug for multiple sclerosis, on Monday said its board approved the the repurchase of up to 4 million shares, 5.3 percent of its stock.
"We believe the repurchase of our stock is an attractive opportunity and is consistent with our objective of enhancing long-term shareholder value," Jim Vincent, chief executive, said in a statement.
Shares of Biogen Monday closed up 1-1/4 to 93-3/8 on the Nasdaq. The company's 52-week high was 100-1/2, its low 41.
The company said it will use the 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.
From December 1997 through November 1998, Biogen completed a its first repurchase plan, a 2 million share buyback. |
