Celgene (NASDSAQ:CELG) unveiled an accelerated $600 million buyback plan on Wednesday in partnership with an unnamed investment bank.
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.
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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.