Genentech extends stock repurchase program to June 2007, total to $6 billion

By Angela McDaniels

Seattle, April 21 - Genentech Inc. said its board of directors has authorized the extension of its stock repurchase program through June 30, 2007, increased the program amount by $2 billion to $6 billion and increased the maximum number of shares that can be repurchased to 100 million from 80 million.

As of March 31, Genentech had repurchased 52 million shares for $3.6 billion and had 1,053,797,474 shares of common stock outstanding.

The board initially approved $1 billion for repurchases of common stock in December 2003 and extended the program by an additional $1 billion in September 2004 and an additional $2 billion in June 2005, according to a company news release.

Purchases may be made in the open market or in private transactions from time to time at management's discretion. Genentech may also engage in transactions in other Genentech securities in conjunction with the repurchase program, including derivative securities.

The South San Francisco, Calif., biotechnology company said it plans to use the repurchased stock to offset dilution caused by the issuance of shares in connection with its employee stock plans.

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