Last Monday, Biogen Inc. expressed their plans on buying back their shares of $5 billion. This is mainly due to the slump that their stocks have experienced after their decision to terminate two of their trials for Alzheimer’s disease.
Along with its partner, Eisai Co. Ltd, the drugmaker company decided to end the late-stage trials of aducanumab, an experimental treatment for Alzheimer’s disease. This led to a loss of over $18 billion in the company’s value.
During one regulatory filing, the buyback was made in addition to the amount left out of their “stock repurchase program” signed by their executives last August 2018.