By Angela Chen
Valeant Pharmaceuticals Inc. is launching a new $2 billion
securities repurchase program, just days after losing to its bid to
buy Botox maker Allergan Inc. to Actavis PLC.
Under the program, which begins Friday, Valeant can buy back its
senior notes, common shares and other securities. This replaces
Valeant's current program, which is set to expire.
Valeant had pursued a hostile takeover of Allergan since April,
supported by activist investor William Ackman and his hedge fund
Pershing Square Capital Management LP. On Monday, Actavis said that
it would purchase Allergan for $66 billion, easily topping the $53
billion Valeant had offered. Valeant then bowed out, unable to
compete with the $219-a-share offer.
Its shares have risen 7% this week after dropping the bid.
Write to Angela Chen at angela.chen@dowjones.com
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Inc.
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