Quest Diagnostics Inc., the medical lab operator, said Tuesday that its board of directors increased its share repurchasing program by $1 billion.
That brings its total stock buyback program to $1.3 billion.
Quest Diagnostics will use $300 million in net proceeds from the sale of the rights of its drug candidate ibrutinib to repurchase shares, the company's CEO and President Steve Rusckowski said in a statement.
Shares of the Madison, N.J.-based company rose 21 cents to close at $58.76 Tuesday. Shares were up nearly 2 percent in after-hours trading following the announcement of the boosted buyback program.