Celgene Corporation (NASDAQ: CELG) announced the Company's Board of Directors has authorized the repurchase of up to an additional $2 billion of the Company's common stock.
"The expansion of the share repurchase program reflects our confidence in the operational and financial long-term growth of the Company and our commitment to increase shareholder value," said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. "We intend to manage our balance sheet dynamically in order to return cash to shareholders and to take advantage of strategic growth opportunities to expand our business."
This open-ended program is effective immediately. Purchases may be made in the open market or in privately negotiated transactions from time to time, as determined by Celgene's management and in accordance with the requirements of the Securities and Exchange Commission. Celgene now has a total of approximately $2.25 billion remaining from previous authorizations plus the new authorization. Since 2009, Celgene has returned approximately $1.75 billion to shareholders through the repurchase of approximately 32 million of its shares. As of June 30, 2011, Celgene had 460,009,986 shares of common stock outstanding and $2.79 billion in cash and marketable securities.