BIIB Biogen Inc

   By Colin Kellaher 
 

Biogen Inc. (BIIB) on Monday said its board authorized the repurchase of up to $5 billion of common stock.

The Cambridge, Mass., biopharmaceutical company said the program, which has no expiration date, is in addition to the roughly $1.7 billion remaining under a buyback the board approved in August 2018.

Biogen shares fell sharply last week after the company and partner Eisai Co. (4523.TO) ended two late-stage studies of an experimental drug for Alzheimer's disease after determining it would likely fail to help patients.

The company currently has a market capitalization of about $42.6 billion.

Shares of Biogen, which closed Friday at $216.71, rose 2.4% in light premarket trading Monday.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

March 25, 2019 07:41 ET (11:41 GMT)

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