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.
James C. Mullen, Biogen’s President and Chief Executive Officer, said, “This decision reinforces our belief that our stock represents an attractive investment for the Company and will enhance long-term shareholder value. By approving this plan, the Board of Directors has expressed its confidence in our strategy and our prospects for future growth.”
During the period from April 1999 through November 2000, the Company completed
an 8,000,000 share buyback program. The Company currently has approximately
148 million shares of common stock outstanding.
In addition to historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Reference is made in particular to statements regarding the outlook for the Company’s growth and creation of future value. These statements are based on the Company’s current beliefs and expectations. Drug development and commercialization involve a high degree of risk. Factors which could cause actual results to differ materially from the Company’s current expectations are described from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.
Biogen, Inc., winner of the U.S. National Medal of Technology, is a biopharmaceutical company principally engaged in discovering and developing drugs for human healthcare through genetic engineering. Headquartered in Cambridge, MA, the Company’s revenues are generated from international sales of AVONEX® (Interferon beta-1a) for treatment of relapsing forms of multiple sclerosis, and from the worldwide sales by licensees of a number of products, including alpha interferon and hepatitis B vaccines and diagnostic products ( Prescribing Information ). Biogen’s research and development activities are focused on novel products to treat inflammatory and autoimmune diseases, neurological diseases, cancer, fibrosis and congestive heart failure. The Company maintains active clinical research programs in protein therapeutics, small molecules, genomics and gene therapy. For copies of press releases and additional information about the Company, please consult Biogen’s Homepage on the World Wide Web at http://www.biogen.com.