Valeant may buy back up to $500 million more notes, convertible debt

By Susanna Moon

Chicago, March 30 - Valeant Pharmaceuticals International said its board of directors authorized the repurchase of up to an additional $500 million of its securities.

The company said it will buy back its outstanding senior notes, convertible debt or common stock under the securities repurchase program approved in October 2008 and increased in May 2009.

This raises the repurchase authorization to $1 billion from $500 million over a period ending in March 2013, according to a company press release.

Valeant said it has repurchased about $415 million of its convertible debt and its common stock out of the $1 billion now authorized under the securities repurchase program.

Valeant is an Aliso Viejo, Calif., pharmaceuticals company.

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