ALBANY, N.Y. (AP) — Albany Molecular Research could buy back as much as $10 million under a program approved by its board, the drug development company said today.

The new acquisitions can be made on the open market or through private deals, the company said.

“The size of the program announced today still positions the company with the financial resources and flexibility to evaluate further growth opportunities as they arise,” CEO Thomas E. D’Ambra said.

Albany also makes active ingredients and pharmaceutical intermediates for other companies and is investing in research and development to expand its contract services and to identify early stage drug candidates.