Ebb & Flow

Biogen Idec (BIIB) took a step last week to get the amounts of cash and debt on its balance sheet more in line with its peer group, announcing a $3 billion stock buyback. The company said the balance sheet shuffle still leaves it with ample resources to do more M&A.

The board authorized the repurchase of 57 million shares, 16% of the company's 343 million outstanding shares, via a modified Dutch auction tender offer. Shareholders will have the opportunity to tender their shares between $47 and $53 per share from May 30 to June 26. ...