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Valeant Pharmaceuticals Announces Mailing of Offer and Take-Over Bid Circular to Shareholders of Afexa
Date:9/9/2011

MISSISSAUGA, Ontario, Sept. 9, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. ("Valeant") (NYSE/TSX:VRX), announced today that Valeant mailed to the shareholders of Afexa Life Sciences Inc. ("Afexa") its offer and take-over bid circular in connection with the previously announced friendly offer (the "Offer") for all of the outstanding common shares of Afexa (the "Common Shares") at a price of C$0.71 in cash per Common Share. The Offer expires at 5:00p.m. (Edmonton Time) on October 17, 2011, unless otherwise extended or withdrawn.

The Offer represents a premium of approximately 30% to Afexa's 30-trading day volume weighted average closing price on the Toronto Stock Exchange (TSX) as of August 29, 2011 (the day before the announcement of the Offer), and a premium of 49% over the closing price the day before the announcement of the unsolicited bid of Paladin Labs Inc. The Offer also represents a premium of 29% to the cash consideration and a 49% premium to the alternative share consideration offered under Paladin Labs Inc. unsolicited bid (based on Paladin's closing share price on the TSX on August 29, 2011).

Included in the package mailed to the shareholders of Afexa is the directors' circular prepared by Afexa's board of directors (the "Directors' Circular"), unanimously determining that the Offer is fair and in the best interest of Afexa and its shareholders and recommending that the shareholders of Afexa accept the Offer and tender their Common Shares. In addition, the directors and officers of Afexa and their associates and affiliates who own or control Common Shares have agreed to tender all such Common Shares (including Common Shares issuable upon exercise of in-the-money options) held by them pursuant to lock-up agreements with Valeant, representing in the aggregate 9.30% of the outstanding Common Shares on a fully-diluted basis.

Full details of the Offer are included in
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SOURCE Valeant Pharmaceuticals International, Inc.
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