LAVAL, Quebec, Nov. 20, 2014 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (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 will
commence on November 21, 2014, the
Company may make purchases of up to US$2
billion of its senior notes, common shares and/or other
securities prior to the completion of the program. The Securities
Repurchase Program will replace the Company's current securities
repurchase program that will expire on November 21, 2014.
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 and 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. Valeant
may initially purchase up to 5% of the Company's issued and
outstanding common shares, calculated as of the date of the
commencement of the Securities Repurchase Program, through the
facilities of the New York Stock Exchange (NYSE). 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 and applicable
law.
The amount of securities to be purchased and the timing of
purchases under the Securities Repurchase Program may be subject to
various factors, which may include the price of the securities,
general market conditions, corporate and regulatory requirements,
alternate investment opportunities and restrictions under the
Company's financing agreements. Repurchases under the Securities
Repurchase Program will be funded using Valeant's cash resources.
The Securities Repurchase Program will terminate on November 20, 2015 or at such time as Valeant
completes all of its purchases. The program does not require
Valeant to repurchase a minimum number of securities, and the
Securities Repurchase Program may be modified, suspended or
terminated at any time without prior notice. Valeant's Board of
Directors believes that the proposed purchases are in the best
interests of the Company and are a desirable use of corporate
funds.
On November 22, 2013, Valeant
commenced its current securities repurchase program, which
terminates on November 21, 2014.
Under that securities repurchase program, the Company has not made
any purchases of its securities.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX) is a
multinational specialty pharmaceutical company that develops,
manufactures and markets a broad range of pharmaceutical products
primarily in the areas of dermatology, eye health, neurology and
branded generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, the Company's intention to
repurchase its debt and equity securities. Forward-looking
statements may generally be identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could,"
"would," "may," "will," "believes," "estimates," "potential,"
"target," or "continue" and variations or similar expressions.
These statements are based upon the current expectations and
beliefs of management and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to, market factors
affecting the price and liquidity of debt and equity securities,
the satisfaction by the Company of applicable laws to allow it to
repurchase its securities, the availability of capital including
the amount of cash generated from the Company's business, the
existence of alternative uses for the Company's cash and the risks
and uncertainties discussed in the Company's most recent annual or
quarterly report and detailed from time to time in Valeant's other
filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which factors are incorporated
herein by reference. Readers are cautioned not to place undue
reliance on any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof.
Valeant undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect actual outcomes,
except as required by law.
Contact Information:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
Logo -
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO
SOURCE Valeant Pharmaceuticals International, Inc.