Navigation Links
Valeant Pharmaceuticals Intends to Raise Offer for Afexa Life Sciences Inc. to $0.85 per Share
Date:9/26/2011

MISSISSAUGA, Ontario, Sept. 26, 2011 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE/TSX:VRX), announced today that it intends to raise its takeover offer for Afexa Life Sciences Inc. (TSX:FXA) of Edmonton, Alberta to $0.85 per common share, an increase of 20% from $0.71 originally offered under an agreement announced on August 30, 2011.  The increased offer is subject to Afexa's agreement to certain amendments to the support agreement, including a reduction in the minimum tender condition, which Valeant hopes to resolve in the coming days.

"We have decided to offer a premium to Paladin Labs' most recent proposal as we are able to attribute more value than Paladin to the Afexa business given both our larger scale and resources in Canada, coupled with our extensive international consumer footprint," stated J. Michael Pearson, chairman and chief executive officer. "While we normally don't participate in an auction process, given that our existing offer has the full support of the Board and Management of Afexa, we felt it was appropriate to continue to respond quickly to Paladin's hostile overtures."  

Stikeman Elliott LLP is acting as legal counsel to Valeant and RBC Capital Markets is acting as financial advisor to Valeant.

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. is a multi-national 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.

Forward Looking Information

To the extent any statements made in this document contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended and may be forward-looking information as defined under applicable Canadian securities legislation (collectively, "forward-looking statements").

Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in Valeant's most recent annual or quarterly report filed with the SEC and risks and uncertainties as detailed from time to time in Valeant's filings with the SEC and the Canadian Securities Administrators, which factors are incorporated herein by reference. These risks and uncertainties also include, without limitation, the ability to reach agreement with Afexa to certain modifications of the support agreement, obtain all necessary regulatory approvals, third party consents and otherwise satisfy the conditions of the offer for shares of Afexa (the "Offer"), delays in mailing the take-over bid documentation and closing the Offer. 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 the events or circumstances after the date of this press release or to reflect actual outcomes.

(Logo: http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)

Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com


'/>"/>
SOURCE Valeant Pharmaceuticals International, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Valeant Pharmaceuticals to Refinance Senior Secured Credit Facilities
2. Valeant Pharmaceuticals Announces Mailing of Offer and Take-Over Bid Circular to Shareholders of Afexa
3. Valeant Pharmaceuticals to Present at Industry Conferences
4. Valeant Pharmaceuticals Announces Increase to Monetary Limit Under Its Securities Repurchase Program
5. Valeant Pharmaceuticals Files a Notice of Intention to Make a Normal Course Issuer Bid
6. Valeant Pharmaceuticals Completes Acquisition of Sanitas Group
7. Valeant Pharmaceuticals Announces Resignation of Michael Van Every From Valeants Board of Directors
8. Valeant Pharmaceuticals Reports 2011 Second Quarter Financial Results
9. Valeant Pharmaceuticals Announces Approval of Sublinox® in Canada
10. Valeant Pharmaceuticals Announces Distribution Agreement for Zuacta™ in Canada
11. Valeant Pharmaceuticals Agrees to Acquire Ortho Dermatologics
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... SAN CLEMENTE, Calif. , June 24, 2016 /PRNewswire/ ... pulmonary function testing company, is now able to perform sophisticated lung ... ndd Medical Technologies , Inc. Patients are ... labs.  Thanks to ndd,s EasyOne PRO ® , ARL patients like ... any needed testing done in the comfort of her own home. ...
(Date:6/24/2016)... 24, 2016   Pulmatrix, Inc ., (NASDAQ: ... inhaled drugs, announced today that it was added to ... its comprehensive set of U.S. and global equity ... an important milestone for Pulmatrix," said Chief Executive Officer ... of our progress in developing drugs for crucial unmet ...
(Date:6/23/2016)... HOUSTON , June 23, 2016  MedSource ... platform as its e-clinical software solution of choice.  ... the best possible value to their clients by ... nowEDC.  The preferred relationship establishes nowEDC as the ... pricing for MedSource,s full-service clients.  "nowEDC has long ...
Breaking Medicine Technology:
(Date:6/27/2016)... , ... June 27, 2016 , ... TopConsumerReviews.com recently awarded ... Eyeglasses . , Millions of individuals in the United States and Canada wear ... a way to both correct vision and make a fashion statement. Even celebrities use ...
(Date:6/26/2016)... ... ... legally blind and certified personal trainer is helping to develop a weight loss fitness plan ... fix the two major problems leading the fitness industry today:, , ... They don’t eliminate all the reasons people quit their exercise program ...
(Date:6/25/2016)... ... 2016 , ... "With 30 hand-drawn hand gesture animations, FCPX users can easily ... of Pixel Film Studios. , ProHand Cartoon’s package transforms over 1,300 hand-drawn pictures ... . Simply select a ProHand generator and drag it above media or text in ...
(Date:6/25/2016)... ... June 25, 2016 , ... Conventional wisdom preaches the benefits ... terms of the latter, setting the bar too high can result in disappointment, perhaps ... slow progress toward their goal. , Research from PsychTests.com reveals that ...
(Date:6/24/2016)... ... 2016 , ... The Pulmonary Hypertension Association (PHA) learned during ... two significant new grants to support its work to advance research and patient ... recognizing patients, medical professionals and scientists for their work in fighting pulmonary hypertension ...
Breaking Medicine News(10 mins):