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 following last week's selloff.

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 29% Thursday and another 4.5% Friday 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.

Biogen currently has a market capitalization of about $42.6 billion.

Shares of Biogen, which closed Friday at $216.71, edged up 1.6% in light premarket trading Monday.

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

(END) Dow Jones Newswires

March 25, 2019 07:54 ET (11:54 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.