Fresenius Medical Care (FMS) said Friday it will accelerate its 1 billion euros ($1.16 billion) share buyback program and begin repurchasing shares under a second tranche.

The company said it plans to buy back about 415 million euros of its own shares between Jan. 12 and May 8.

The first tranche of the program was completed ahead of schedule in December, the company added.

Fresenius said the buyback, part of its capital allocation framework under the 'FME Reignite' strategy, is now expected to be completed well ahead of the original timeline, in less than a year.

Shares of the company were up 2.2% in Friday's market activity.