May 7 Gilead Sciences Inc, maker of new hepatitis C treatment Sovaldi, on Wednesday said its board has authorized the repurchase of up to $5 billion of the company's shares.
The latest authorization augments the approximate $2.9 billion remaining in Gilead's previous buy back program, which the company said is expected to be completed by September.
Gilead said the new program expires three years after the completion of the current repurchase program.
Immediately after the announcement, shares of Gilead jumped as much as 1.4 percent from their closing price of $78.77 on Nasdaq, then eased back to stand up 63 cents, or 0.8 percent, after hours. (Reporting By Deena Beasley; Editing by David Gregorio)