Earlier on Monday, Valeant Pharmaceuticals International Inc. announced that a $300 million raise has been approved for the repurchase of shares, senior notes, and other securities.
According to the Canadian drugmaker, this raise is said to heighten its buyback authority to nearly $1.8 billion, and under this authorization, it has spent $509.6 million to repurchase 15 million shares, and $806.3 million for $302.5 million in convertible. The expiry of the repurchase authorization is due on Nov. 7.
Valeant plans to repurchase 10 percent, or 16 million shares, of its total share count. While the company filed notice that it planned to repurchase 1 million of its shares on the Toronto Stock Exchange earlier this month, it anticipates repurchasing the other 15 million shares through the New York Stock Exchange.
On Friday, US shares of the Mississauga, Ontario Company closed at $42.76.