Global healthcare company providing solutions to meet the changing needs of patients across the world Norvatis AG (SWX: NOVN) has announced a share buyback program which will be executed by 2023.
The company made this announcement on December 16 further adding that the program is aimed at increasing its confidence in its top-line growth and deep pipeline. This program will be financed by the $20.7 billion the company received from selling its 30% voting stake in Swiss based healthcare company Roche Holding AG (SWX: ROG).
Additionally, Norvatis says its capital allocation strategy is aimed at merging investing in core business and returning excess capital to its shareholders.
“We have the flexibility to return value to shareholders without compromising the company’s capacity for value-creating bolt-on M&A, whilst providing a strong, growing dividend and reinvesting in the business,” said Norvatis.
The company will be asking its shareholders to approve an additional $10 billion buyback authority at the company’s annual general meeting slated for March 4 next year.