Zurich, Mar. 13 (BNA): Novartis has formally launched its new share buyback programmer where it could spend up to 10 billion Swiss francs $10.90 billion repurchasing its shares over the next three years.

The Swiss company said it will buy a maximum of 10% of its own stock over the period from its last Annual General Meeting, according to Reuters.

Capital reductions of the registered shares repurchased under the scheme will be proposed at future AGMs, Novartis said.

Shareholders approved rolling over the remaining authorization of 6.5 billion francs for buybacks at their AGM last week.

Amount was topped up to 10 billion francs in total.

Novartis has just completed the repurchase of 213 million of its shares in the period between March 2020 and March 10 .

bna