Celgene Announces $600 Million Accelerated Share Repurchase Program
SUMMIT, N.J. -- February 20, 2013
Celgene Corporation (NASDAQ: CELG) announced today that it has entered into an
accelerated share repurchase (ASR) agreement with an investment bank to
repurchase an aggregate of $600 million of the company’s common stock. The ASR
is part of the existing Board authorized share repurchase program.
Year-to-date, Celgene has repurchased approximately $385 million of its common
stock and has approximately $1,450 million remaining in the existing program.
Celgene has repurchased approximately $5,050 million of its common stock over
the last four years.
“This accelerated share repurchase program reflects our confidence in the
company’s long-term financial outlook,” said Jacqualyn Fouse, Ph.D., Executive
Vice President and Chief Financial Officer. “We are committed to optimizing
our capital structure, while increasing shareholder value.”
Under the ASR agreement, Celgene will pay $600 million to an investment bank
in exchange for shares of Celgene’s common stock. The total number of shares
ultimately repurchased under the agreement will be determined upon final
settlement and will be based on a discount to the volume-weighted average
price of Celgene’s common stock during the ASR period. Celgene anticipates
that all repurchases under the ASR will be completed no later than May 20,
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated
global biopharmaceutical company engaged primarily in the discovery,
development and commercialization of novel therapies for the treatment of
cancer and inflammatory diseases through gene and protein regulation. For more
information, please visit the company’s Web site at www.celgene.com.
This press release contains forward-looking statements, which are generally
statements that are not historical facts. Forward-looking statements can be
identified by the words "expects," "anticipates," "believes," "intends,"
"estimates," "plans," "will," “outlook” and similar expressions.
Forward-looking statements are based on management’s current plans, estimates,
assumptions and projections, and speak only as of the date they are made. We
undertake no obligation to update any forward-looking statement in light of
new information or future events, except as otherwise required by law.
Forward-looking statements involve inherent risks and uncertainties, most of
which are difficult to predict and are generally beyond our control. Actual
results or outcomes may differ materially from those implied by the
forward-looking statements as a result of the impact of a number of factors,
many of which are discussed in more detail in our Annual Report on Form 10-K
and our other reports filed with the Securities and Exchange Commission.
Jacqualyn A. Fouse, Ph.D., 908-673-9956
EVP, Chief Financial Officer
Patrick E. Flanigan III, 908-673-9969
VP, Investor Relations
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