The largest U.S. drugmaker, whose shares rose 1.5 percent after the announcement, said the move was in addition to the $1.3 billion remaining on its current share buyback programme

Pfizer, which earlier this year failed in its $118 billion bid to buy British rival AstraZeneca, has a market valuation of about $179.5 billion.

Pfizer shares rose to $29.04 in extended trading from their New York Stock Exchange close at $28.60.

(Reporting by Bill Berkrot; editing by Andrew Hay)

Stocks treated in this article : Pfizer Inc., AstraZeneca plc