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Valeant Pharmaceuticals Files a Notice of Intention to Make a Normal Course Issuer Bid
Date:8/23/2011

e remaining one million common shares through the facilities of the TSX under this normal course issuer bid. The Securities Repurchase Program will terminate on November 7, 2011 or at such time as Valeant completes its purchases. The normal course issuer bid will remain in effect until the earliest of November 7, 2011, the termination of the bid by the Company, or until the Company has purchased the maximum number of shares permitted under the bid. To date, the Company has purchased 14,969,599 Common Shares through the facilities of the New York Stock Exchange at a volume weighted average purchase price of U.S.$39.46 per share.

Valuation analyses of the Company were prepared by the Company's financial advisors in connection with the preparation of such advisor's fairness opinions provided in connection with the merger between Biovail Corporation (now Valeant) and Valeant Pharmaceuticals International (now a wholly-owned subsidiary of Valeant) in September 2010. Descriptions and summaries of such valuation analyses, and the corresponding fairness opinions, are contained in the Company's Amendment No. 1 to the Registration Statement on Form S-4 filed on August 18, 2010, copies of which are available on SEDAR at www.sedar.com and on the U.S. Securities and Exchange Commission (the "SEC") website at www.sec.gov.

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational 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 information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.

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