Valeant to buy back $1.5 billion convertibles, senior notes, stock

By Marisa Wong

Madison, Wis., Nov. 4 - Valeant Pharmaceuticals International, Inc. said that it may repurchase its convertible notes, senior notes and/or common shares under a $1.5 billion securities repurchase program approved by its board of directors.

The securities repurchase will be funded using existing cash resources.

The program will end on Nov. 7, 2011 or when the company completes its purchases.

Under the program, Valeant is not required to repurchase a minimum number of securities.

Valeant said its board of directors believes that the proposed purchases are in the best interests of the company and are a desirable use of corporate funds.

The Mississauga, Ont.-based specialty pharmaceutical company develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics.

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