Genentech Gains After Disclosing Buyback

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Genentech

(DNA)

was higher in premarket trading Friday after announcing a $625 million stock repurchase.

Shares of the South San Francisco, Calif., biotech company were up 3% at $51.50 on Instinet.

Genentech said it will spend $625 million to buy back shares over the next 12 months to offset dilution created by the issuance of stock to employees. The company had about 528 million shares outstanding at Oct. 31.