By Sam Boughedda
Investing.com — At the end of the day on Friday, biotech firm Regeneron Pharmaceuticals Inc (NASDAQ:REGN) announced a share repurchase program of up to $3 billion.
The company, whose shares closed the week at $631.20 and up 0.7% for the day, said the program is part of its broader capital allocation strategy to maximize shareholder value.
"With the strength of our balance sheet and our business, we see this as an opportunity to continue to invest in Regeneron," said Robert E. Landry, executive vice president and chief financial officer of Regeneron.
The company told shareholders that repurchases would be made at management's discretion through various methods, such as open-market transactions, privately negotiated transactions, accelerated share repurchases, and other transactions.
The program has no time limit, and no shares have been repurchased under the program yet.
The company still has $1.8 million remaining available for share repurchases under the previous $1.5 billion share repurchase program it announced in January.
Earlier today, Regeneron revealed that the European Commission has approved the casirivimab and imdevimab Covid-19 antibody cocktail, known as REGEN-COV.