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Biogen Idec Inc. said Friday its board of directors approved a plan to buy back up to 20 million shares of common stock.

The company said it expects the buyback plan to offset common stock issuances under its share-based compensation plans, according to a filing with the Securities and Exchange Commission.

The buyback plan has no expiration date.

Biogen has about 239.7 million shares of common stock outstanding.

Biogen shares fell 39 cents to close at $65.83.

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