Biogen authorizes $5B share buyback

Biogen Inc. (NASDAQ:BIIB) said its board authorized a stock repurchase program for up to $5 billion of common stock, or about 13 million shares based on Thursday's closing price of $383.29. Biogen expects to complete the program within five years; the program does not have an expiration date.

The company said about 1.3 million shares remain from an existing program announced in February 2011 to repurchase up to 20 million shares. Biogen said it has used that program to offset shares issued as part of compensation packages (see BioCentury Extra, Feb. 11, 2011). ...