Actelion to buy back shares for up to $795 million

ZURICH Thu Dec 5, 2013 1:23am EST

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ZURICH Dec 5 (Reuters) - Europe's largest biotech company Actelion said it will buy back up to 10 million shares for around 720 million Swiss francs ($795 million) over the next three years.

The share buyback, which is equivalent to 8.31 percent of its currently outstanding share capital, will be used in relation to staff share schemes, the company said in a statement.

Actelion's closing price on Wednesday, 72 francs, means the buyback volume amounts to 720 million francs. The programme is scheduled to start next week and last three years. ($1 = 0.9057 Swiss francs) (Reporting by Caroline Copley)

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