Novo Nordisk A/S has started a new share repurchase program of up to 2.4 billion Danish kroner.

Bagsværd, Denmark-based Novo Nordisk has appointed Nordea Danmark of Nordea Bank AB (publ) as an independent manager to lead the program. Nordea Danmark will repurchase B shares on behalf of Novo during the trading period starting Aug. 13 through Oct. 30.

The Danish maker of diabetes and obesity drugs bought 3,120,644 B shares amounting to 954 million kroner from Novo Holdings A/S as part of its previous 2018 share repurchase program of up to 14 billion kroner. The share repurchase program spans a period of 12 months starting Feb. 1.

Novo Nordisk plans to decrease its share capital and meet obligations arising from share-based incentive programs through the new share repurchase program.

The program arrives days after the company reported a 4% increase in its second-quarter earnings and affirmed its full-year sales growth and operating profit outlook, according to the company's Aug. 8 earnings report .

As of Aug. 10, US$1 was equivalent to 6.53 Danish kroner.