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Valeant Pharmaceuticals Proposes to Acquire Cephalon, Inc. for $73 Per Share in Cash

as direct as I have been in this letter.  However, like Cephalon, Valeant is a mid-size pharmaceutical company and one of the keys to our success is making rapid, thoughtful decisions on behalf of our shareholders.  As I mentioned on the call, we will be having a full discussion with our board on this matter today.

I strongly encourage you to reach out to me today at any time if you or your board would like to discuss this matter further.

Best regards,

J. Michael Pearson
Chairman and Chief Executive Officer
Valeant Pharmaceuticals International, Inc.

Contact Information:
Laurie W. Little    
Valeant Pharmaceuticals International, Inc.

Renee E. Soto
Sard Verbinnen & Co.

Cassandra Bujarski
Sard Verbinnen & Co.


SOURCE Valeant Pharmaceuticals International, Inc.
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