Valeant increases securities repurchase program to C$1.8 billion

By Angela McDaniels

Tacoma, Wash., Aug. 29 - Valeant Pharmaceuticals International, Inc.'s board of directors approved a C$300 million increase to the company's securities repurchase program, according to a company news release.

Valeant may now repurchase up to C$1.8 billion of its convertible notes, senior notes and common shares through the program, which will end on Nov. 7.

So far, the company has purchased C$302.5 million principal amount of its 5.375% convertible notes for C$806.3 million and 14,969,599 shares for C$590.6 million under the program.

The company said it recently filed a notice of intention to repurchase up to 1 million of its common shares through a normal course issuer bid.

The repurchases will be funded with cash.

Valeant is a specialty pharmaceutical company based in Mississauga, Ont., with a focus on neurology, dermatology and branded generics.

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