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Valeant Pharmaceuticals Agrees to Acquire Ortho Dermatologics
Date:7/15/2011

MISSISSAUGA, Ontario, July 15, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that Valeant's subsidiaries, Valeant Pharmaceuticals North America LLC (VPNA) and Valeant International (Barbados) SRL (VIB), have signed an agreement to acquire the assets of the Ortho Dermatologics division of Janssen Pharmaceuticals, Inc.  Valeant will pay Janssen $345 million for the assets, which includes prescription brands RETIN-A MICRO®, ERTACZO®, and RENOVA®.  Total revenue for the product portfolio was approximately $150 million in 2010.  The transaction is subject to certain closing conditions and regulatory approvals and is expected to be accretive in 2011.

"With the combination of this transaction and other recently announced transactions, Valeant is well on its way to being one of the leading companies in dermatology," stated J. Michael Pearson, chairman and chief executive officer.  "We believe that dermatology remains an attractive therapeutic area for Valeant and we are pleased to able to add another strong franchise to our growing operations."

Conference Call and Webcast Information

The Company will host a conference call and a live Internet webcast along with a slide presentation today at 10:00 a.m. ET (7:00 a.m. PT), July 15, 2011 to discuss recent acquisitions and transactions relating to the Company's U.S. dermatology franchise. The dial-in number to participate on this call is (877) 295-5743, confirmation code 83599133. International callers should dial (973) 200-3961, confirmation code 83599133. A replay will be available approximately two hours following the conclusion of the conference call through July 29, 2011 and can be accessed by dialing (800) 642-1687, or (706) 645-9291, confirmation code 83599133. The live webcast of the conference call may be accessed th
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SOURCE Valeant Pharmaceuticals International, Inc.
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