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Valeant Announces Take-Up of Additional Afexa Shares and Special Meeting of Shareholders of Afexa to Approve Its Privatization
Date:10/27/2011

MISSISSAUGA, Ontario, Canada, Oct. 27, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. ("Valeant") (NYSE/TSX: VRX) announced today that a total of 8,523,517 additional common shares of Afexa Life Sciences Inc. ("Afexa") were validly deposited at the expiry time of the offer by its wholly-owned subsidiary 1625907 Alberta Ltd. (the "Offeror") to acquire all outstanding common shares of Afexa. As all of the conditions to the offer have been satisfied, the Offeror has taken up all of the deposited common shares. Afexa's shareholders who tendered to the offer will receive C$0.85 per share in cash which will be paid to Afexa's shareholders in accordance with the terms of the offer.

Accordingly, after giving effect to the take-up of deposited common shares on October 17, 2011 and October 27, 2011, the Offeror now holds approximately 81.6% of the outstanding common shares of Afexa on a fully-diluted basis.

The offer will not be further extended. The votes attached to the Afexa shares held by the Offeror are sufficient to approve a subsequent acquisition transaction which will result in the privatization of Afexa and the remaining shareholders of Afexa receiving C$0.85 per Afexa share.  Afexa will file on SEDAR a notice of special meeting of shareholders of Afexa to be held in December 2011 in order to approve the subsequent acquisition transaction.

Following the subsequent acquisition transaction, Afexa's common shares will be delisted from the Toronto Stock Exchange and application will be made to the relevant securities regulatory authorities for Afexa to cease to be a reporting issuer.

RBC Capital Markets is acting as financial advisor to Valeant and Stikeman Elliott LLP is acting as legal counsel to Valeant.

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. is a multi-national specialty pharmaceutical company that develops, m
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SOURCE Valeant Pharmaceuticals International, Inc.
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