Alkermes board expands stock buyback program

The expanded program follows a $40 million payment from partner Eli Lilly & Co. The companies had been developing an inhaled insulin, called AIR, but Eli Lilly canceled the program in February, citing regulatory and market uncertainties.

Alkermes has repurchased 8 million shares of common stock for about $106 million since the initial buyback program began.

The company had about 95.2 million shares outstanding as of May 28, according to a filing with the Securities and Exchange Commission.

Shares of Alkermes jumped 65 cents, or 5.6 percent, to $12.56 in morning trading. The stock has traded between $10.32 and $18.78 over the last 52 weeks.