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By Sam Boughedda
Investing.com — On the finish of the day on Friday, biotech agency Regeneron Prescription 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 power of our steadiness sheet and our enterprise, we see this as a possibility to proceed to put money into Regeneron,” mentioned Robert E. Landry, government vice chairman and chief monetary officer of Regeneron.
The corporate advised shareholders that repurchases could be made at administration’s discretion by varied strategies, similar 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 beneath this system but.
The corporate nonetheless has $1.8 million remaining obtainable for share repurchases beneath the earlier $1.5 billion share repurchase program it introduced in January.
Earlier at the moment, Regeneron revealed that the European Fee has permitted the casirivimab and imdevimab Covid-19 antibody cocktail, often called REGEN-COV.
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