Oxford Immunotec Global PLC said its board approved the repurchase up to $100 million of the company's ordinary shares within a five-year period.

The share repurchase program, intended to enhance shareholder value, is subject to shareholder approval at the company's annual general meeting scheduled for June 18.

The transaction will be financed using some of the proceeds from the sale of Oxford Immunotec's U.S. laboratory services business in November 2018, CEO Peter Wrighton-Smith said.

U.K.-based Oxford Immunotec is a diagnostics company focused on developing and commercializing proprietary tests for underserved immune-regulated conditions.