Valeant Pharmaceuticals Annonces New $1.5 Billion Securites Repurcha... ( MONTREAL Nov. 19 2012 /- Valeant...)

Valeant Pharmaceuticals Annonces New $1.5 Billion Securites Repurchase Program

Date:11/19/2012

MONTREAL, Nov. 19, 2012 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that its board of directors has authorized a new securities repurchase program (the "Securities Repurchase Program"). Under the Securities Repurchase Program, which commenced November 15, 2012, the Company may make purchases of up to $1.5 billion of its senior notes, common shares and/or other debt or shares that may be issued prior to the completion of the program. The Securities Repurchase Program will replace the Company's former securities repurchase program, which expired on November 7, 2012.

Valeant's Board of Directors also approved a sub-limit for the repurchase of Valeant common shares of the greater of 10% of the Company's public float or 5% of the Company's issued and outstanding common shares, in each case calculated as of the date of the commencement of the Securities Repurchase Program. On the date of the commencement of the Securities Repurchase Program, the Company had approximately 303,442,994 common shares outstanding. Valeant intends to initially make purchases of up to 15,172,149 common shares on the open market through the facilities of the New York Stock Exchange (NYSE), representing approximately 5% of the Company's issued and outstanding common shares. Subject to completion of appropriate filings with and approval by the Toronto Stock Exchange (TSX), the Company may also make purchases of its common shares over the facilities of the TSX. Such purchases of common shares will be made at prevailing market prices of such shares on the NYSE or the TSX, as the case may be, at the time of the acquisition and shall be made in accordance with the respective rules and guidelines of the NYSE and the TSX. All common shares purchased under the Securities Repurchase Program will be cancelled.

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SOURCE Valeant Pharmaceuticals International, Inc.
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