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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

over a month since that announcement and ISTA still has not provided us access to due diligence information, agreed to hold discussions with us or otherwise meaningfully engaged with us regarding our premium proposal.

Nonetheless, we have continued to use our resources to seek to further analyze ISTA's publicly available information and reassess the potential benefits to us of an ISTA acquisition.  Based on our desire to find a clear path to enter into a transaction by January 31, last week we initiated a meeting with ISTA's Chairman, Mr. Williams, and Chief Executive Officer, Dr. Anido, to communicate our willingness to increase our proposed price to $7.50 in cash per share.  We also advised Mr. Williams and Dr. Anido we believed we could achieve a price of up to $8.50 per share if selected due diligence information was provided to us by ISTA that is consistent with our expectations.  Finally, we made it very clear that we were not asking for, nor would we expect, exclusivity in this process.

We were very surprised to hear that ISTA has just very recently began to contact parties whom they believe may have potential interest in an acquisition of the company and that a sale process would continue until March.  While we were perplexed by ISTA's failure to follow up with us on our proposal over the past month, we had assumed that ISTA must have been reaching out to third parties in an effort to identify another offer and engaging in whatever other process it felt was legally or practically appropriate.  In light of our clear statements regarding our timing, we find it inexplicable that ISTA has not acted more promptly -- to engage with us or to run whatever alternative process it felt it needed to run.  ISTA has not even seemed interested in taking the necessary steps to see where we could get to on price if we were provided due diligence access.  We remain very frustrated, and question why the ISTA board of directors
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SOURCE Valeant Pharmaceuticals International, Inc.
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