Thermo Fisher Scientific (NYSE:TMO) yesterday announced authorization for the repurchase of $3 billion in common stock shares.

Waltham, Massachusetts-based Thermo Fisher’s board of directors approved the repurchase of $3 billion in shares of its common stock in the open market or in negotiated transactions, according to a news release.

The authorization has no expiration date and replaces the company’s existing repurchase authorization, of which $500 million had remained, Thermo Fisher said.