Celgene announces $600m share repurchase scheme

Celgene has confirmed that it will be carrying out an accelerated share repurchase initiative as it seeks to optimise its capital structure and improve shareholder value.

The company's board of directors has authorised an agreement with an investment bank to buy back an aggregate of $600 million (394.61 million pounds) of Celgene's common stock, a process that will be completed no later than May 20th 2013.

So far this year, Celgene has repurchased approximately $385 million of its common stock and has approximately $1.45 billion remaining in the existing programme, while the total for the last four years comes to around $5.05 billion.

Dr Jacqualyn Fouse, executive vice-president and chief financial officer of Celgene, said: "This accelerated share repurchase program reflects our confidence in the company’s long-term financial outlook."

According to its most recent financial report, Celgene generated $5.51 billion in total revenues during 2012, which was up by 14 percent year on year.