LAVAL, Quebec— Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) announced 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 Nov. 21, 2014, the company may make purchases of up to $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 Nov. 21, 2014.

Valeant's board of directors also approved a sub-limit for the repurchase of Valeant common shares of the greater of 10 percent of the company's public float and 5 percent 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 percent 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, according to Valeant.