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Valeant Pharmaceuticals Announces Management Change

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Valeant Pharmaceuticals International (NYSE: VRX) announced today that Rajiv De Silva, Valeant's President and Chief Operating Officer of Specialty Pharmaceuticals, will be leaving the Company to pursue other interests. Mr. De Silva will remain with the Company through the remainder of the year, when the integration planning efforts related to its announced acquisition of Medicis Pharmaceutical Corporation (NYSE: MRX) are expected to have been completed.  Mr. De Silva will be a core member of the team leading these integration planning efforts. In addition, we expect that a number of Medicis executives would accept positions with Valeant after the acquisition has been completed.

"The Board of Directors and I appreciate the significant contributions Rajiv has made these past few years since joining me on this journey to create a new pharmaceutical operating model," said J. Michael Pearson, chairman and chief executive officer.  "Under Rajiv's leadership, we have become a leader in the U.S. dermatology space and transformed our operations in Canada and Australia. And although his leadership will be missed, the company has created and developed a strong management team with Rajiv's assistance that I am confident will lead us successfully

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