Valeant Pharmaceuticals (VRX) Announces Increase in Stock Buyback Authorization

June 17, 2008 8:04 AM EDT

Valeant Pharmaceuticals (NYSE: VRX) announced that its board has authorized the repurchase of an additional $100 million of its outstanding common stock under its 2007 stock repurchase program. This repurchase authorization raises the aggregate repurchase authorization to $300 million from the $200 million over a period of 24 months previously approved by the board on June 7, 2007. The repurchase program is designed to increase shareholder value and reflects the company's confidence in the long-term value of its common stock.

Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology.
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