Valeant Pharma approves $1.5B securities buyback
Canadian drugmaker Valeant Pharmaceuticals said Wednesday it will buy back up to $1.5 billion in shares, debt, and other securities.
Valeant said it started the new repurchase program in November. The board authorized the company to repurchase convertible notes, senior notes, shares, and other debt or shares. The company had 333 million shares on the market as of Nov. 22 and can buy back 16.6 million shares, or 5 percent of that total.
Under its last securities repurchase program, the company paid $35.7 million for about 508,000 shares.
Shares of Valeant Pharmaceuticals International Inc. fell $1.72, or 1.3 percent, to $135.16 in morning trading.