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Celgene can buy back more shares after Revlimid setback in multiple myeloma
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Buy on softness
-- Michael Flanagan
Published on
Monday, June 25, 2012
Last week's setback for
multiple myeloma drug Revlimid lenalidomide drove Celgene Corp. shares
down $7.72 (11%) to $59.45 last Thursday. Although the shares pared some of the
loss on Friday, the company still is in a position to retire even more shares
under a recently authorized $2.5 billion buyback plan.
The stock fell after the
company withdrew a European application to extend Revlimid's label to include
maintenance treatment in newly diagnosed
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