In a statement, the heart disease treatment specialist, said it has authorised the new programme, which could represent about 4.2% of its outstanding shares.
Reaffirms 2017 guidance
Separately, the company said it had entered into a US$150mln accelerated stock buyback deal last month.
The life sciences company also reaffirmed the financial guidance it had given for 2017. It also projected 2018 adjusted earnings per share of US$4.10 to US$4.30.
Analysts are looking at a 2018 adjusted earnings per share of US$4.14.
Also in 2018, the company has guided revenue at US$3.5bn to US$3.9bn, representing an underlying growth of 9% to 10%.
The market consensus is for a 2018 revenue of US$3.7bn.
"Our global growth is being driven by our transcatheter aortic valve therapies, and continued advancement in each of our market-leading product lines," said chief executive Michael A. Mussallem.
In premarket trade, its shares were up 1.89% at US$115.50.