Celgene Corp. Announces Additional $3 Billion Share Repurchase Authorization & Plans to Execute a $2 Billion Accelerated Shar...
May 24 2018 - 7:30AM
Business Wire
Celgene Corporation (NASDAQ: CELG) today announced that the
Company's Board of Directors authorized the repurchase of an
additional $3 billion of the Company's common stock. In addition,
the Company plans to enter into an accelerated share repurchase
(ASR) agreement to repurchase an aggregate of $2 billion of the
Company’s common stock. The planned ASR will utilize part of the
existing Board authorized share repurchase program as well as part
of the new authorization.
The remaining authorization will be used in our continuing
open-ended program effective immediately. Additional stock
purchases outside the ASR 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.
“The increase in our share repurchase authorization and planned
accelerated share repurchase program reflects our confidence in the
long-term potential of Celgene,” said Mark J. Alles, Chairman and
Chief Executive Officer. “Strategically, we are committed to
investing in our innovative pipeline to continue to grow our
portfolio and meaningfully increase shareholder value.”
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an
integrated global biopharmaceutical company engaged primarily in
the discovery, development and commercialization of innovative
therapies for the treatment of cancer and inflammatory diseases
through next-generation solutions in protein homeostasis,
immuno-oncology, epigenetics, immunology and neuro-inflammation.
For more information, please visit www.celgene.com. Follow Celgene
on Social Media: @Celgene, Pinterest, LinkedIn, Facebook and
YouTube.
Forward-Looking Statements
This press release contains forward-looking statements, which
are generally statements that are not historical facts.
Forward-looking statements can be identified by the words
"expects," "anticipates," "believes," "intends," "estimates,"
"plans," "will," “outlook” and similar expressions. Forward-looking
statements are based on management’s current plans, estimates,
assumptions and projections, and speak only as of the date they are
made. We undertake no obligation to update any forward-looking
statement in light of new information or future events, except as
otherwise required by law. Forward-looking statements involve
inherent risks and uncertainties, most of which are difficult to
predict and are generally beyond our control. Actual results or
outcomes may differ materially from those implied by the
forward-looking statements as a result of the impact of a number of
factors, many of which are discussed in more detail in our Annual
Report on Form 10-K and our other reports filed with the Securities
and Exchange Commission.
Hyperlinks are provided as a convenience and for informational
purposes only. Celgene bears no responsibility for the security or
content of external websites.
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CelgeneInvestors:908-673-9628ir@celgene.comorMedia:908-673-2275media@celgene.com
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