Celgene announces new stock repurchase arrangement

Celgene has announced a new repurchase programme for up to an additional $2 billion (1.2 billion pounds) of its common stock.

The open-ended scheme has been authorised by the pharmaceutical firm's board of directors and will allow purchases to be made on the open market, or in privately negotiated transactions under certain circumstances.

Since 2009, Celgene has returned around $1.75 billion to shareholders through the repurchase of approximately 32 million shares, with about $2.25 billion now remaining from previous authorisations plus the newly announced scheme.

Bob Hugin, chairman and chief executive officer of Celgene, said it is aiming to create maximum returns for investors and take full advantage of strategic growth opportunities.

"The expansion of the share repurchase programme reflects our confidence in the operational and financial long-term growth of the company and our commitment to increase shareholder value," he added.

Last month, the firm announced its financial results for the second quarter of 2011, during which it generated a record revenue total of $1.1 billion.