Valeant Pharmaceuticals financial update

Valeant said its board authorized the repurchase of $1.5 billion of the company's securities through Nov. 7, 2011. The program includes a limit of up to 16 million shares. Valeant, which closed Friday at $27.15, has 300 million shares outstanding.

Separately, Valeant said it will pay a one-time dividend of $1 per share on Dec. 22 to shareholders of record as of Nov. 15. The payment is in connection with the completed merger of Valeant Pharmaceuticals International and fellow specialty pharma Biovail Corp. (see BioCentury, Oct. 4). ...