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Having already purchased $1.8 billion worth of stock so far this year and having exhausted its existing $2.5 billion share repurchase program, biopharmaceutical Celgene (NASDAQ: CELG ) announced this morning that its board of directors has authorized a new $3 billion buyback program.
Celgene said the purchases may be made in the open market or through privately negotiated transactions. Over the last four years, the biopharmaceutical has bought back approximately $6.5 billion of its stock.
Headquartered in Summit, N.J., Celgene is engaged in the discovery, development, and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. It generated $5.7 billion in revenues over the last 12-month period ending March 31.