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Pfizer board authorizes $11 billion share repurchase

Reuters - UK Focus

Oct 23 (Reuters) - Pfizer Inc (NYSE: PFE - news) on Thursday said its board of directors has authorized an $11 billion share repurchase program to be utilized over time.

The largest U.S. drugmaker, whose shares rose 1.5 percent after the announcement, said the move was in addition to the $1.3 billion remaining on its current share buyback program.

Pfizer, which earlier this year failed in its $118 billion bid to buy British rival AstraZeneca (NYSE: AZN - news) , has a market valuation of about $179.5 billion.

Pfizer shares rose to $29.04 in extended trading from their New York Stock Exchange close at $28.60. (Reporting by Bill Berkrot; editing by Andrew Hay)