Valeant Pharmaceuticals to Acquire Pedinol

Valeant Pharmaceuticals International, Inc.

announced today that Valeant has acquired Pedinol Pharmacal, Inc., a podiatry-focused, privately-owned specialty pharmaceutical company based in the U.S., for less than 1.5 times sales. Revenue for 2011 was approximately $18 million and the transaction is expected to be immediately accretive. "The Pedinol business will be a strong fit alongside Valeant's dermatology franchise," stated J. Michael Pearson, Valeant's chairman and chief executive officer. "The podiatry market has similar characteristics to the dermatology market that we find attractive from a risk and reward aspect, and expanding into this area is a natural extension of our topical formulation development capabilities. Pedinol has over 85 years of experience in podiatry and a highly regarded national field sales organization, which are both key as we prepare for broader expansion into this market. We expect Pedinol's established presence in the podiatry market to be a valuable asset for Valeant."