Celgene (CELG) unveiled an accelerated $600 million buyback plan on Wednesday in partnership with an unnamed investment bank.
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The Summit, N.J.-based drug maker will pay that amount to the bank in exchange for shares of Celgene’s common stock. The company anticipates completing the deal no later than May 20.
The repurchase is part of an existing buyback program through which Celgene has repurchased about $385 million worth of its common stock to date. There is about $1.45 billion remaining in the existing deal.
“This accelerated share repurchase program reflects our confidence in the company’s long-term financial outlook,” said Celgene Chief Financial Officer Jacqualyn Fouse.
Shares of the company ticked up about 2% to $102.50 premarket Wednesday.