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Valeant Pharmaceuticals International, Inc. Announces Additional Information Regarding Continuance Proposal
Date:5/10/2013

LAVAL, Quebec, May 10, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that it has provided additional information related to the proposal to continue Valeant into British Columbia (the "Continuance") under the British Columbia Business Corporations Act (the "BCBCA"). The Continuance is being presented for shareholder approval at Valeant's 2013 Annual Meeting of Shareholders to be held on Tuesday, May 21, 2013.

If the Continuance is approved by shareholders, Valeant's current Articles and By-laws under the Canada Business Corporations Act will be replaced with a Notice of Articles and Articles (the "New Articles") under the BCBCA.  As previously described in the Management Proxy Circular and Proxy Statement dated April 11, 2013 (the "Proxy Statement"), the New Articles provide that shareholders seeking to nominate candidates for election as directors must provide timely written notice to Valeant in accordance with the terms of the New Articles (the "Advance Notice Provision").

Valeant has modified the Advance Notice Provision to provide that, in the case of an annual general meeting, a shareholder's notice must be received by Valeant no later than the close of business on the 50th day before the meeting date; provided, however, that if the date (the "Notice Date") on which first public announcement of the date of the annual general meeting was made is less than 60 days prior to the date of the annual general meeting, a shareholder's notice must be received by Valeant no later than the close of business on the 10th day following the Notice Date.

Valeant has supplemented its Proxy Statement to reflect the revision to the Advance Notice Provision.

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