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Valeant Pharmaceuticals Files Preliminary Consent Solicitation Statement With the SEC
Date:4/5/2011

MISSISSAUGA, Ontario, April 5, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that it has filed with the Securities and Exchange Commission (SEC) a preliminary consent solicitation statement in connection with its solicitation of written consents from the Cephalon stockholders to remove each member of the Board of Directors of Cephalon Inc. ("Cephalon") and elect seven new directors in their place. The proposed directors are:

  • Santo J. Costa, Former President and COO of Quintiles
  • Richard H. Koppes, Former General Counsel and Interim CEO of CalPERS
  • Lawrence N. Kugelman, Former CEO and President of Coventry Health Care
  • Anders Lonner, Group President and CEO of Meda AB
  • John H. McArthur, Former Dean of Harvard Business School
  • Thomas G. Plaskett, Director of Alcon and RadioShack
  • Blair H. Sheppard, Chair and former CEO of Duke Corporate Education and former Dean of Fuqua School of Business, Duke University

Today Cephalon formally rejected Valeant's offer.  Therefore, Valeant is going directly and immediately to Cephalon stockholders by initiating its consent solicitation process. It is Valeant's expectation that a new Cephalon board would act in the best interests of Cephalon stockholders and remove the impediments to a tender offer, such as the poison pill, and permit Valeant to conduct a due diligence investigation. As stated before, such a due diligence investigation could enable Valeant to modestly increase its offer price, if the results of such investigate demonstrate that additional value exists. In short, Valeant is committed to enabling stockholders to decide whether to accept this offer.

J. Michael Pearson, Valeant's Chairman and CEO said "In the three weeks since our initial offer, Valeant has recruite
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SOURCE Valeant Pharmaceuticals International, Inc.
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