Canada's Valeant Pharmaceuticals International Inc said it may buy back up to $2 billion worth of securities, replacing a previous $1.5 billion program under which it bought back no securities.

The company said it could buy back senior notes, shares or other securities under the new program, which will begin on Nov. 21, the same day its old program ends.

The announcement comes a few days after acquisition-hungry Valeant's $54 billion offer to buy Botox maker Allergan Inc was trumped by Actavis Plc's $66 billion bid, ending a seven-month hostile pursuit by the Canadian company.

"Valeant's board of directors believes that the proposed purchases are in the best interests of the company and are a desirable use of corporate funds," the company said in a statement on Thursday.

The company's shares, which were flat in afternoon trading on both the New York and Toronto stock exchanges on Thursday, had risen about 41 percent in the year that the previous program has been in effect.

The new program is scheduled to terminate on Nov. 20, 2015, Valeant said.