PDL BioPharma Inc.'s board has authorized the repurchase of up to $275 million of common stock and convertible notes, an increase of $75 million from the prior authorization.

PDL, which acquires, manages, and commercializes commercial-stage pharmaceutical assets and late-clinical-stage pharmaceutical products, initially authorized $200 million for the buyback of shares and notes.

On Dec. 13, the company said it had entered a private agreement to exchange 80% of its outstanding 2.75% convertible senior notes due Dec. 2021 and Dec. 2024 for $98 million in cash and 13.4 million of its common shares.

The cash and common stock to be distributed by PDL in this exchange will utilize about $143.8 million of the original $200 million authorization.