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Celgene approves stock buyback worth up to $3B

SUMMIT, N.J. (AP) -- Celgene Corp. said Wednesday that its board approved the repurchase of up to $3 billion in company stock.

The biotech drugmaker said it has bought back $1.8 billion in stock this year, completing a $2.5 billion repurchase authorization.

Celgene had 417.1 million shares on the market as of April 23.

Shares of Celgene rose $3.02, or 2.6 percent, to $121.77 in morning trading. Its shares have traded between $131.82 and $58.53 in the last year.