Valeant's Stock Rises After New $2 Billion Buyback Plan Announced

Valeant Pharmaceuticals' stock got a midday lift Thursday, after the drugmaker announced a new $2 billion securities repurchase program. The stock was up 1%, and on track to close at an eight-month high. Just prior to the buyback announcement, the stock was up just 0.2%. The new plan, which will commence Friday, gives Valeant the option to buy common stock, senior notes or other securities. The company also approved a sub-limit for share buybacks, in which Valeant can initially purchase up to 5% of its outstanding shares. Earlier this week, Valeant ended its quest to buy Allergan for $53 billion, when the company said it would not match Actavis's $66 billion bid.