Valeant ups repurchase program for convertibles, stock to $500 million

By Angela McDaniels

Tacoma, Wash., May 28 - Valeant Pharmaceuticals International said its board of directors has authorized the repurchase of an additional $300 million of its outstanding convertible debt or common stock under the securities repurchase program approved in October 2008.

This raises the total repurchase authorization to $500 million from $200 million over a period ending May 2011, according to a company news release.

To date, the company has repurchased $139 million of its convertibles and stock under the program.

The company may repurchase its securities from time to time on the open market, in privately negotiated transactions under tender offers or otherwise.

Valeant is a Aliso Viejo, Calif.-based specialty pharmaceutical company that makes products primarily in the areas of neurology and dermatology.

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