MedImmune to begin stock buy-back

US drugmaker MedImmune says that its board of directors has authorized a new shares repurchase program for up to $500.0 million of its common stock in the open market or via privately-negotiated transactions.

The plan, which follows the firm's annual stockholder meeting, allows the company to repurchase shares pursuant to terms that its management deems appropriate. The group added that it will use the shares for general corporate purposes, including but not limited to issuance on the exercise of outstanding stock options and corporate acquisition-related transactions.

So far this quarter, MedImmune has completed the purchase of 4.3 million shares of its own stock for the approximate sum of $134.0 million, fully utilizing the $500.0 million which its board authorized for the purpose.