Thursday, Nov 8, 2001
South San Francisco, Calif. -- November 8, 2001 --Genentech, Inc. (NYSE: DNA) today announced that its Board of Directors has authorized the repurchase of up to $625 million of its common stock over the next 12 months. Purchases may be made in the open market or in privately negotiated transactions from time to time at management's discretion. Genentech also may engage in transactions in other Genentech securities in conjunction with the repurchase program, including derivative securities.
Genentech intends to use the repurchased stock to offset dilution caused by the issuance of shares in connection with Genentech's employee stock plans. The goals of the company's periodic stock repurchases are to make prudent investments of the company's cash resources as well as to provide an effective mechanism to provide stock for the company's employee stock plans. There are currently no other specific plans for the shares which may be purchased under the program.
As of October 31, 2001, Genentech had approximately 527,890,384 shares of common stock outstanding.
Genentech, Inc. is a leading biotechnology company that discovers, develops, manufactures and markets human pharmaceuticals for significant unmet medical needs. Fifteen of the currently approved biotechnology products stem from or are based on Genentech science. Genentech manufactures and markets ten biotechnology products directly in the United States. The company has headquarters in South San Francisco, California and is traded on the New York Stock Exchange under the symbol DNA.
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