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Securities and Exchange Commission
Washington, D.C. 20549
Form 8-K
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 6, 1997
Biogen, Inc.
(Exact name of Registrant as specified in its charter)
Massachusetts 0-12042 04-3002117
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification No.)
incorporation)
14 Cambridge Center
Cambridge, MA 02142
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (617) 679-2000
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Item 5. Other Events.
On October 6, 1997, the Registrant publicly disseminated a press
release announcing the authorization by the Registrant's Board of Directors of
the repurchase by the Registrant of up to 2,500,000 shares of the Registrant's
Common Stock. The Registrant expects that the stock repurchases will commence in
the near term and will occur from time to time over the next two years. The
stock repurchase program may be discontinued at any time. The information
contained in the press release is incorporated herein by reference and filed as
Exhibit 99.1 hereto.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99.1 The Registrant's Press Release dated October 6, 1997.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Biogen, Inc.
By: /s/ Michael J. Astrue
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Michael J. Astrue
Vice President - General Counsel
Date: October 6, 1997
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EXHIBIT INDEX
Exhibit
Number Description
99.1 The Registrant's Press Release
dated October 6, 1997
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Exhibit 99.1
Media Contact:
Kenneth Keen
Senior Communications Specialist
Biogen, Inc.
tel: (617)679-2837
Investment Community Contact:
John Conley
Director of Investor Relations
Biogen, Inc.
tel: (617)679-2812
FOR IMMEDIATE RELEASE
BIOGEN ANNOUNCES THAT BOARD OF DIRECTORS AUTHORIZES
REPURCHASE OF UP TO 2,500,000 SHARES OF COMMON STOCK
Cambridge, MA (October 6, 1997) -- Biogen, Inc. (NASDAQ/BGEN) today announced
that its Board of Directors has authorized the repurchase of up to 2,500,000
shares of its common stock. The repurchased stock will provide the Company with
treasury shares for general corporate purposes, such as stock to be issued under
employee stock option and stock purchase plans. Stock purchases will occur from
time to time over the next two years, depending on market conditions.
Jim Tobin, Biogen's President and Chief Executive Officer, said, "We believe
this stock buyback plan is in the best interests of our shareholders and
reflects our commitment to maximizing shareholder value. By approving this plan,
the Board of Directors has expressed its confidence in our strategy and our
prospects for future growth."
Biogen, Inc., headquartered in Cambridge, MA, is a biopharmaceutical company
principally engaged in discovering and developing drugs for human healthcare
through genetic engineering. The Company's revenues are generated from U.S. and
European sales of AVONEXa (Interferon beta-1a) for treatment of relapsing
forms of multiple sclerosis, and from the worldwide sales by licensees of a
number of products, including alpha interferon and hepatitis B vaccines and
diagnostic products. Biogen's research and development activities are focused on
novel products in multiple sclerosis, inflammatory, respiratory, kidney and
cardiovascular diseases, developmental biology and gene therapy. For copies of
press releases and additional information about the Company, please consult
Biogen's Homepage on the World Wide Web at http://www.biogen.com.
