Genentech Extends Share Repurchase Program, Allocates $2 Billion

Genentech announced that its board of directors has authorized the extension of its current stock repurchase program for the repurchase of up to an additional $2 billion of its common stock for a total of $4 billion through June 30, 2006. The board also amended the current repurchase program by increasing the maximum number of shares that can be repurchased from 50 million to 80 million shares. As of May 31, 2005, Genentech has purchased approximately 29 million shares of its common stock under the stock repurchase program at an aggregate cost of approximately $1.5 billion.

BioSpace (http://www.biospace.com/news_story.cfm?StoryID=20369420&full=1)