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Valeant Announces the Completion of the Privatization of Afexa Life Sciences Inc.
Date:12/12/2011

MISSISSAUGA, Ontario, Dec. 12, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. ("Valeant") (NYSE/TSX: VRX) announced today that at a special meeting of shareholders of Afexa Life Sciences Inc. ("Afexa") held earlier today in Calgary, Alberta, the shareholders of Afexa approved the amalgamation of Afexa and Valeant's wholly-owned subsidiary, 1625907 Alberta Ltd. (the "Offeror") and that the amalgamation was subsequently completed.  The amalgamation constitutes the subsequent acquisition transaction following the offer from the Offeror to acquire all the issued and outstanding common shares of Afexa (the "Common Shares") and results in the privatization of Afexa.

As described in the management information circular of Afexa dated October 31, 2011 and pursuant to the terms of the amalgamation agreement between Afexa and the Offeror, each issued and outstanding Common Share, other than those held by the Offeror, have been exchanged for one redeemable preferred share of the amalgamated corporation ("Amalco") which shares have been immediately redeemed at a price of C$0.85 per share (the "Redemption Price") by Amalco. As a result of the amalgamation, Valeant now owns all of the outstanding common shares of Amalco. All shareholders, other than the Offeror, will be paid, upon delivery of the letter of transmittal and the certificates representing their Common Shares, a cash amount equal to the Redemption Price.

Applications will be filed to de-list the Common Shares from trading on the Toronto Stock Exchange and for Afexa to cease to be a reporting issuer.

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. is a multi-national specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics. More
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SOURCE Valeant Pharmaceuticals International, Inc.
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