Biogen Inc.'s board authorized to repurchase up to $5 billion of the company's common stock.
The 2019 share repurchase program has no expiration date, the Cambridge, Mass.-based biotechnology company said.
Biogen, which focuses on neurodegenerative diseases, said the new repurchase program is in addition to the about $1.7 billion remaining under a $3.5 billion buyback program launched in August 2018.
Biogen stocks dropped more than 29% after news that the company and Japan's Eisai Co. Ltd. will be discontinuing two late-stage clinical trials of their Alzheimer's drug aducanumab. Biogen shares fell to $226.88 as of the close of U.S. trading March 21, down 29.23%.