Thermo Fisher Scientific said today that its board of directors has approved a new $1 billion share repurchase program. Concurrently, the company also announced a $.15 per share quarterly dividend.

The repurchase authorization allows Thermo Fisher to buy $1 billion of its common stock in both the open market and through negotiated transactions, and replaces an existing authorization that had roughly $410 million remaining. Thermo Fisher said that it intends to begin repurchasing its stock in 2016. 

Thermo recently reported that it had cash and cash equivalents totaling roughly $503 million as of Sept. 26.The cash dividend, meantime, will be paid on Jan. 15, 2016 to shareholders on record as of Dec. 15, 2015, Thermo said.

During midday trading on the Nasdaq, shares of Thermo Fisher were up $.26 at $132.70.