Genentech Adds to Buyback

The company can buy back an additional $2 billion of stock.
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Genentech's

(DNA)

board authorized the addition of $2 billion to the biotech company's stock buyback program, taking the total to $6 billion.

The board also amended the current repurchase program by increasing to 100 million from 80 million the maximum number of shares that can be bought.

As of March 31, Genentech had purchased about 52 million shares under its existing program for $3.6 billion. The company plans to use the repurchased stock to offset the dilution caused by issuing shares in connection with its employee stock plans.

Genentech had around 1.05 billion shares outstanding at the end of the first quarter. Shares of Genentech were down 21 cents at $79.48.