Johnson & Johnson (NYSE:JNJ) last night announced that its board of directors approved a $5 billion open-ended repurchase program for shares of the company’s common stock.

The buyback has no time limit and may be suspended and or discontinued at any time, Johnson & Johnson said. There were some 2.82 billion outstanding shares of J&J stock as of June 29, 2014.

J&J plans to use its re-acquired shares for corporate purposes, according to an SEC filing.

The company is also looking to make some acquisitions, especially ones that may boost its "subscale" cardiovascular business, chairman & CEO Alex Gorsky told analysts earlier this month.

JNJ share got a modest after-hours boost last night, trading at $102 as of about 6:40 p.m. EST.