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Valeant to Acquire Dow Pharmaceutical Sciences, Inc. for $285 Million
Date:12/10/2008

($242 million net of cash). In the six month period following closing, Valeant will fund an escrow account of $35 million, which will be subject to indemnification claims from Valeant for a period of eighteen months following closing. The transaction is expected to be accretive in 2009. Additionally, Valeant will pay future milestones, based predominately on the achievement of approval and commercial targets for certain pipeline products still in development.

The transaction was approved by the boards of directors for both companies and is subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. The transaction is expected to close at year end.

"This acquisition grows our scale and capabilities in dermatology thus solidifying Valeant's future as a leading company in the development and commercialization of dermatology medications," stated J. Michael Pearson, chairman and chief executive officer. "Gordon Dow, the founder of Dow Pharmaceutical Sciences, and his team are highly regarded with innovative formulation and development expertise, exemplified by having worked on ten dermatology approvals from the FDA in the past few years and with projects underway in eight of the top ten dermatology diagnoses. We are excited that they will be joining the Valeant team as we believe the synergies between our newly acquired Coria franchise and Dow's business will provide sustainable growth for many years to come."

Conference Call and Webcast and Presentation:

Valeant will host a conference call today at 11:00 a.m. EST (8:00 a.m. PST) to discuss the transaction. The dial-in number to participate on this call is (877) 295-5743, confirmation code 76913148. International callers should dial (973) 200-3961, confirmation code 76913148. A replay will be available approxim
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SOURCE Valeant Pharmaceuticals International
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