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Valeant Pharmaceuticals Acquires Visudyne® From QLT

Stocks in this article: QLT QLTI VRX

MONTREAL, Sept. 24, 2012 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that it has acquired Visudyne ®, used to treat abnormal growth of leaky blood vessels in the eye caused by wet age-related macular degeneration, from QLT Inc. (Nasdaq:QLTI) (TSX:QLT). Valeant paid $62.5 million upfront for all U.S. rights and available inventories for Visudyne, which had U.S. revenue of approximately $21 million in 2011, and another $50 million upfront for rights to non-US royalties on Visudyne sales, which were approximately $14 million in 2011. Valeant has also agreed to pay an additional $5 million in contingent payments relating to the development of QLT's laser program in the United States and up to $15 million in contingent payments relating to the non-U.S. royalties. Additionally, Valeant has manufacturing rights and assumed a supply agreement for outside of United States. The transaction is expected to be immediately accretive.

"We are excited about the opportunity to add a complementary product to our growing ophthalmology business," stated J. Michael Pearson, chairman and chief executive officer.  "Not only will we be able to use Visudyne to better leverage our current ophthalmology sales force with a complementary product to Macugen, we are pleased to add a product that retinal specialists around the county can use as an adjunctive to products like Macugen to improve treatment options."

About Valeant Pharmaceuticals International, Inc.

Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a multinational 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 Statements

These forward-looking statements relate to, among other things, the impact of Visudyne on Valeant's current ophthalmology portfolio, the ability to leverage Valeant's ophthalmology portfolio, the impact of such assets on Valeant's product portfolio, and the expected timing of the acquisition to be accretive.  Forward-looking statements can generally be identified by the use of words such as "believe", "anticipate", "expect", "estimate", "intend", "continue", "plan", "project", "will", "may", "should", "could", "would", "target", "potential" and other similar expressions.  In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.  Actual results may differ materially from those expressed or implied in such statements.  Important factors that could cause actual results to differ materially from these expectations include, among other things, the impact of Visudyne on Valeant's current ophthalmology portfolio, the ability to leverage Valeant's ophthalmology portfolio, the impact of such assets on Valeant's product portfolio, and the expected timing of the acquisition to be accretive, and the risk factors as detailed from time to time in Valeant's reports filed with the Securities and Exchange Commission ("SEC") and the Canadian Securities Administrators ("CSA"). 

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