June 4, 2009 (FinancialWire) — The Questcor Pharmaceuticals, Inc. (NASDAQ: QCOR) board of directors has increased the company’s common share repurchase program authorization by an additional 6.5 million shares.

In late February 2008, the board authorized the repurchase of up to 7.0 million shares, under which the company has repurchased approximately 5.9 million shares. The additional 6.5 million share authorization represents approximately 10 percent of the company’s outstanding common stock. As of March 31, 2009, Questcor had 64.6 million common shares outstanding.

Stock repurchases under this program may be made through open market or privately negotiated transactions in accordance with all applicable laws, rules and regulations. The transactions may be made from time to time and in such amounts as management deems appropriate and will be funded from available working capital.

CEO Don Bailey said the decision “reflects both our confidence in the prospects for Questcor’s continued growth and our commitment to building value for our common shareholders.”

He said Questcor has returned more than $57 million to shareholders through this repurchase program, private common stock transactions, and the repurchase of all preferred stock. .The total number of outstanding shares has been reduced by approximately 12 million during this period, which is significantly accretive to earnings per share,” said Bailey.

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