Celgene Corp. (NASDAQ:CELG) said its board authorized an expansion of its share buyback program to repurchase up to an additional $3 billion of common stock, on top of the $5 billion buyback it started in February. The new program consists of about 38.6 million shares based on Wednesday's close of $77.66.
Celgene also said it plans enter an accelerated agreement to repurchase $2 billion of common stock through its existing and newly authorized buyback programs.
The announcement follows a series of high profile departures and pipeline setbacks for the company (see BioCentury, Oct. 27, 2017).
Celgene gained $1.88 to $79.54 on Thursday.