Valeant resumes buyback program for convertibles, notes and other debt

By Susanna Moon

Chicago, Nov. 3 - Valeant Pharmaceuticals International, Inc. said it may purchase up to $1.5 billion of its convertible notes, senior notes, common shares and other debt under a buyback program authorized by its board of directors.

The program begins on Nov. 8, taking over from last year's repurchase program that began on Nov. 8, 2010 and ends on Nov. 7, according to a company press release. The new program will end on Nov. 7, 2012.

The company said it has purchased $328 million principal amount of its 5.375% convertible notes to date under the existing securities repurchase program.

Valeant Pharmaceuticals is a Mississauga, Ont.-based specialty pharmaceutical company that primarily focuses on the areas of neurology, dermatology and branded generics.

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