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Pfizer board authorizes $11 billion share repurchase

Reuters

(Reuters) - Pfizer Inc on Thursday said its board of directors has authorized an $11 billion (6.86 billion pounds) share repurchase programme 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 programme

Pfizer, which earlier this year failed in its $118 billion bid to buy British rival AstraZeneca, 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)