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Bristol-Myers rallies as it boosts stock buyback by $3 bln

Published: 23:59 27 Jun 2012 AEST

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Global biopharmaceutical company Bristol-Myers Squibb (NYSE:BMY) saw its stock rise early Wednesday, a day after announcing that its board of directors has increased its share buyback program by $3 billion.

This is in addition to the current $3 billion repurchase program announced in May 2010, of which the company has $340 million remaining.

The program has no expiration date, and is expected to take place over the next two years.

The share repurchases can be made in open market or private transaction, and may be suspended or discontinued without prior notice, the company noted.

Bristol-Myers said it is committed to retaining the financial flexibility it needs to support its dividend, and that it will continue its focus on business development.

On Monday, shares of Pfizer (NYSE:PFE) and Bristol-Myers fell after federal regulators unexpectedly delayed for a second time a decision on whether to approve the companies' experimental anti-clotting drug Eliquis.

The FDA said it wanted more information on "data management and verification" from an international study called ARISTOTLE that examined how well Eliquis prevented strokes in patients with an irregular heartbeat.

Bristol-Myers is focused on the research and development of treatment in five key therapeutic areas: cardiovascular and metabolism, oncology, neuroscience, immunoscience and virology.

The company also declared Tuesday a regular quarterly dividend of 34 cents per share on its common stock. The dividend will be paid August 1 to shareholders of record as of July 6.

Shares of the drug development company were up more than 1 per cent early Wednesday, at $34.98 on the New York Stock Exchange.

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