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Regeneron Announces $3Bln Share Repurchase Program -Breaking

by Mike Robinson

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© Reuters

By Sam Boughedda

Investing.com — On the finish of the day on Friday, biotech agency Regeneron Prescribed drugs Inc (NASDAQ:) introduced a share repurchase program of as much as $3 billion.

The corporate, whose shares closed the week at $631.20 and up 0.7% for the day, mentioned this system is a part of its broader capital allocation technique to maximise shareholder worth.

“With the energy of our stability sheet and our enterprise, we see this as a chance to proceed to spend money on Regeneron,” mentioned Robert E. Landry, govt vp and chief monetary officer of Regeneron.

The corporate advised shareholders that repurchases could be made at administration’s discretion by means of numerous strategies, equivalent to open-market transactions, privately negotiated transactions, accelerated share repurchases, and different transactions. 

This system has no time restrict, and no shares have been repurchased underneath this system but. 

The corporate nonetheless has $1.8 million remaining accessible for share repurchases underneath the earlier $1.5 billion share repurchase program it introduced in January.

Earlier in the present day, Regeneron revealed that the European Fee has authorized the casirivimab and imdevimab Covid-19 antibody cocktail, often known as REGEN-COV.

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