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Valeant Pharmaceuticals Increases Proposed Price for Acquisition of ISTA Pharmaceuticals Inc. to $7.50 Per Share in Cash
Date:1/17/2012

filings with the SEC and the Canadian Securities Administrators ("CSA"), which factors are incorporated herein by reference, as well as and risks and uncertainties relating to the proposed merger, including the negotiation and completion of a formal transaction agreement and regulatory approval processes.  Readers are cautioned not to place undue reliance on any of these forward-looking statements.  Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.

 J. Michael Pearson  700 Route 202/206 North, Bridgewater, New Jersey 08807Chairman and Chief Executive Officer973-549-5314 FAX 949-315-3590 www.valeant.comStrictly Confidential January 17, 2012

 

The Board of Directors of ISTA Pharmaceuticals Inc.
c/o Dr. Vicente Anido Jr., Director, President and Chief Executive Officer
ISTA Pharmaceuticals Inc.
50 Technology Drive
Irvine, CA 92618

Gentlemen:

I am writing on behalf of Valeant Pharmaceuticals International, Inc. ("Valeant") to the Board of Directors (the "Board") of ISTA Pharmaceuticals Inc. ("ISTA") to express our disappointment once again in ISTA's failure to fully engage with us on a timely basis to negotiate Valeant's acquisition of ISTA.  This failure of ISTA to engage has continued notwithstanding our having shared with you our improved offer on January 11, 2012.

As you know, we began seeking to engage in acquisition discussions with ISTA several months ago.  Finally, on December 16, 2011, with no sign that ISTA's management or Board was serious about engaging in acquisition negotiations, we publicly announced the $6.50 per share proposal that we had made to the ISTA Board.  At that time, we made it clear that our proposal would only remain in effect until January 31.  It has now been
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SOURCE Valeant Pharmaceuticals International, Inc.
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