Genentech hikes stock buyback program to 150 million shares

SAN FRANCISCO (MarketWatch) — Genentech Inc. said late Tuesday its board approved increasing the share buyback program to 150 million shares from 100 million shares and boosting the total value of shares to be repurchased to $10 billion from $8 billion. Genentech plans to use the repurchased stock to offset dilution from the issuance of shares in connection with its employee stock plans, the biotechnology company said. The board also extended the buyback program to June 30, 2009.
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