Indianapolis-based drugmaker Eli Lilly and Co. said Monday that its board authorized a $1.5 billion share-repurchase program, which the company expects to complete next year.

All purchases under the new buyback program will be made on the open market. The company recently completed a $3 billion share-repurchase program begun in 2000.

In a separate development, Lilly announced it will pay a first-quarter dividend of 49 cents per share. The dividend will be paid out March 8 to shareholders as of Feb. 15.

Lilly shares were up 28 cents Tuesday morning, to $48.62 each.