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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

is not acting to enter into our premium transaction while it is available, rather than chase a theoretical other offer that may not materialize. 

If ISTA is interested in pursuing our proposal in order to benefit its shareholders, we are prepared to move very quickly, and believe that with your cooperation we could complete our diligence review within one week of receipt of the materials.  When we announced our proposal to acquire ISTA, we were very clear that our offer would only remain open until January 31, and we have continued to be clear on that point.  We believe that this timeframe was when made, and remains today, adequate time to perform due diligence and enter into an agreement if ISTA is willing to engage itself and commit the necessary resources.  We already have devoted substantial time and resources to evaluating an acquisition of ISTA, and we still intend to move on to other opportunities if we do not have a clear path to a transaction by January 31, 2012.

ISTA's Board must be aware of the risks associated with failing to pursue our proposal.  We believe that ISTA's recent stock price rise is attributable to our offer and the possibility of a sale of ISTA, and not to the fundamentals of ISTA's business or projections of future performance.  Our increased proposed price of $7.50 pre-diligence and potential for $8.50 after diligence represent a 94% and 120% premium, respectively, to ISTA's 60-day volume weighted average price of $3.87 on December 15, 2011, the last trading day before public announcement of our offer.  Our offer continues to represent a compelling opportunity for ISTA's shareholders in light of the continuing challenges facing ISTA.

We intend to make our improved proposal public tomorrow, because we believe ISTA's stockholders have a right to consider this improved offer, learn about the lack of progress we have made together to date and understand that the Board is placing our o
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SOURCE Valeant Pharmaceuticals International, Inc.
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