Biogen settles $3 billion stock tender offer

By Laura Lutz

Des Moines, July 2 - Biogen Idec Inc. settled a Dutch auction tender offer for its common stock by repurchasing 56,424,155 shares at $53.00 each for a total repurchase amount of $2,990,480,215.

The offer expired at midnight ET on June 26.

The tender offer was partially funded with a $1.5 billion term loan, which was announced on May 29. The loan was expected to settle on July 2.

Other funding for the stock tender came from cash on hand.

The tender offer began on Wednesday and is expected to expire on June 26.

In the offer, shareholders had the opportunity to tender some or all of their shares at a price per share not less than $47.00 or more than $53.00.

Merrill Lynch and Goldman Sachs were the financial advisers and dealer managers.

Biogen is a Cambridge, Mass., developer and manufacturer of novel therapies primarily in the areas of oncology, neurology and immunology.

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