Friday, Dec 5, 2003
South San Francisco, Calif. -- December 5, 2003 --Genentech, Inc. (NYSE: DNA) today announced that its Board of Directors has authorized the repurchase of up to $1 billion of its common stock through December 31, 2004. 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 certain 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 specific plans for the shares that may be purchased under the program.
As of November 30, 2003, Genentech had approximately 523,897,759 shares of common stock outstanding.
Genentech is a leading biotechnology company that discovers, develops, manufactures and commercializes biotherapeutics for significant unmet medical needs. Sixteen of the currently approved biotechnology products originated from or are based on Genentech science. Genentech manufactures and commercializes 12 biotechnology products 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. For additional information about the company, please visit http://www.gene.com.