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Valeant And Biovail Announce Valeant’s Intention To Declare A Special Dividend To Valeant Stockholders Upon Obtaining Shareholder Approval, Financing And Satisfaction Of Other Closing Conditions

Valeant Pharmaceuticals International (NYSE: VRX) and Biovail Corporation (NYSE/TSX: BVF) today announced that Valeant currently anticipates declaring a one-time special cash dividend of $16.77 per share to Valeant stockholders on September 27, 2010 in connection with the previously announced merger transaction between Valeant and Biovail, subject to obtaining the requisite shareholder approvals in connection with the merger of Valeant and Biovail at their respective meetings of shareholders to be held on that date and to the satisfaction or waiver of certain conditions to the closing of the merger, including the receipt of financing. Valeant anticipates that the record date for the dividend will be the close of business on September 27, 2010, and that the dividend would be funded on such date. Valeant and Biovail currently anticipate that the effective time of the merger will occur on September 28, 2010, subject to the satisfaction or waiver of the conditions to the closing of the merger.

Valeant believes, based upon its estimated calculations, that the portion of the special dividend taxable as a dividend for U.S. federal income tax purposes is not expected to exceed fifteen percent of the special dividend. Valeant will provide the final portion taxable as a dividend on its website and through Form 1099-DIV, as applicable.

About Valeant

Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.

About Biovail

Biovail Corporation (NYSE and TSX: BVF) is a specialty pharmaceutical company engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products. Biovail is focused on the development and commercialization of medicines that address unmet medical needs in niche specialty central nervous system (CNS) markets. For more information about Biovail, visit Biovail’s Web site at www.biovail.com.

Caution Regarding Forward-Looking Information and “Safe Harbor” Statement

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”).

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