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Valeant Pharmaceuticals International said Tuesday its board authorized a $500 million repurchase of stock, convertible debt or senior notes.

Valeant said it had bought back $415 million in securities under previous authorizations, and can still buy another $85 million under that plan. The authorization lasts until March 2013.

In morning trading, Valeant shares rose 27 cents to $42.38. The stock has been trading at annual highs and peaked at a 52-week high of $42.65.

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