NEW YORK—Canadian drug developer Biovail Corp. said Thursday that its board has authorized the repurchase of up to 14 million shares of common stock over the next year.
Biovail had 161 million shares outstanding, as of May 8.
The repurchases will be funded using existing cash, the company said.
The program does not require Biovail to buy back a minimum number of shares and may be suspended or terminated at any time.
Biovail shares closed Wednesday at $11.74.
© Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
