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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): February 22, 1999
Biogen, Inc.
(Exact name of Registrant as specified in its charter)
Massachusetts 0-12042 04-3002117
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(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 February 22, 1999, 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 4,000,000 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 February 22, 1999.
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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
-----------------------------
Michael J. Astrue
Vice President - General Counsel
Date: February 22, 1999
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EXHIBIT INDEX
Exhibit
Number Description
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99.1 The Registrant's Press Release
dated February 22, 1999
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Exhibit 99.1
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Media Contact:
Lisa Easley
Manager, Public Relations
Biogen, Inc.
tel: (617) 679-2812
Investment Community Contact:
Elizabeth Woo
Manager, Investor Relations
Biogen, Inc.
tel: (617) 679-2812
FOR IMMEDIATE RELEASE
BIOGEN ANNOUNCES THAT BOARD OF DIRECTORS HAS AUTHORIZED
REPURCHASE OF UP TO 4,000,000 SHARES OF COMMON STOCK
Cambridge, MA (February 22, 1999) -- Biogen, Inc. (NASDAQ/BGEN) today announced
that its Board of Directors has authorized the repurchase of up to 4,000,000
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 and other
corporate considerations.
Jim Vincent, Biogen's Chairman and Chief Executive Officer, said, "We believe
the repurchase of our stock is an attractive opportunity and is consistent with
our objective of enhancing long-term shareholder value. The Board's action
further demonstrates our continued confidence in our strategy and in our
prospects for future growth."
During the period from December 1997 through November 1998, the Company
completed a 2,000,000 share buyback, representing the first stock repurchase
program instituted by the Company.
In addition to historical information, this press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on the Company's
current beliefs and expectations. Drug development and commercialization involve
a high degree of risk. Factors which could cause actual results to differ
materially from the Company's current expectations are described from time to
time in the Company's periodic reports filed with the Securities and Exchange
Commission.
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Page 2 Biogen Board of Directors Authorizes Repurchase of up to 4,000,000 Shares
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Biogen, Inc., winner of the 1998 U.S. National Medal of Technology, is a
biopharmaceutical company principally engaged in discovering and developing
drugs for human healthcare through genetic engineering. Headquartered in
Cambridge, MA, the Company's revenues are generated from U.S. and European sales
of AVONEX(R) (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 for
multiple sclerosis, inflammatory, respiratory, kidney and cardiovascular
diseases and in 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.
