Shares of Incyte Corporation (INCY) jumped 8% on Monday morning after the company announced its intention to buy back up to $2.0 billion shares.
INCY is currently trading at $57.51, up $4.44 or 8.38%, on the Nasdaq. The stock opened its trading at $57.11 after closing Friday at $53.06. The stock has traded between $50.27 and $67.36 in the past 52-week period.
Incyte approved a share repurchase authorization of $2.0 billion. The company has commenced a modified "Dutch Auction" tender offer to repurchase shares of its common stock for an aggregate purchase price of up to $1.672 billion.
"This tender offer reflects our confidence in the future outlook of our business, the strength of our commercial product portfolio and our clinical development pipeline and Incyte's long-term value. We believe the current valuation of Incyte stock makes repurchases of our stock an attractive investment and an opportunity to enhance long-term shareholder value," said Hervé Hoppenot, Chief Executive Officer, Incyte. "Our strong balance sheet, cash flow and access to capital enable us to undertake this transaction while also preserving the flexibility to further add to the growth of our business through focused, strategic acquisitions."
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