Biogen’s $5 Billion Payback
CBJ — Just days after announcing it was ending two Alzheimer’s disease drug trials, Biogen says it will buy back shares worth $5 billion.
It’s been a terrible time for Biogen over the past 10 days, having lost more than USD$18 billion of its value due almost entirely to the suspension of their late-stage trials of their drug.
The share buyback is in addition to about $1.7 billion remaining under the stock repurchase program authorized by its board in August 2018.
Founded in Switzerland in 1978, Biogen is based in Cambridge, Massachusetts and specializes in the research and development for the medical treatment of hematologic, neurodegenerative and autoimmune diseases to patients in the U.S. and throughout the world.