March 24, 2015 / 9:30 PM / 4 years ago

Merck increases share buyback program by $10 billion

(Reuters) - Drugmaker Merck Inc (MRK.N) said its board authorized an additional share repurchase of up to $10 billion of the company’s common stock.

The total outstanding share repurchase authorization is now about $11.7 billion, the company said on Tuesday.

Shares of the company, which has a market capitalization of about $166 billion, were up 1.39 percent at $59.45 in after-market trading.

Reporting by Anjali Rao Koppala in Bengaluru; Editing by Sriraj Kalluvila

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