Having already purchased $1.8 billion worth of stock so far this year and having exhausted its existing $2.5 billion share repurchase program, biopharmaceutical Celgene announced this morning that its board of directors has authorized a new $3 billion buyback program.
Celgene said the purchases may be made in the open market or through privately negotiated transactions. Over the last four years, the biopharmaceutical has bought back approximately $6.5 billion of its stock.
Headquartered in Summit, N.J., Celgene is engaged in the discovery, development, and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. It generated $5.7 billion in revenues over the last 12-month period ending March 31.
The article Celgene Adds $3 Billion to Buyback Program originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool recommends Celgene. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.