Fresenius Medical Care (FMS) said Tuesday it intends to launch a new share buyback program of about 1 billion euros ($1.16 billion) to be carried out in tranches over 12 months.

The company said the repurchase program is based on the authorization granted during the May 21 annual general meeting and is expected to start a few weeks after the completion of its previous buyback on April 30.

Shares of Fresenius Medical Care were up more than 1% in premarket activity Tuesday.