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Celgene buying back $600M in stock from bank

SUMMIT, N.J. (AP) -- Cancer drug maker Celgene Corp. said Wednesday it will buy back $600 million in stock from an investment bank over the next three months.

The biotechnology company did not disclose the name of the bank. It said the accelerated share repurchase will be complete by May 20.

Celgene approved the repurchase of $2.5 billion in company stock in June, and said it has bought back around $550 million in shares since then.

Celgene shares advanced $2.77, or 2.8 percent, to $103.23 in morning trading. Earlier the stock reached an all-time high of $103.50.