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Valeant Pharmaceuticals Announces Public Offering Of Common Shares

LAVAL, Quebec, June 17, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that it has filed a preliminary prospectus supplement to its effective shelf registration statement on Form S-3 and has today made a similar filing with securities regulatory authorities in each of the provinces of Canada in connection with a public offering of its common shares to raise gross proceeds of approximately $1.75 billion (the "Offering").

The Company will also grant to the underwriters of the Offering an option, exercisable for a period of 30 days following the date of the final prospectus supplement, to purchase additional common shares equal to up to 15% of the common shares initially sold.

The Company intends to use the net proceeds from the Offering, together with debt financing, to fund (i) the consideration of its previously disclosed acquisition (the "Merger") of Bausch + Lomb Holdings Incorporated ("B+L"), (ii) the fees and expenses incurred in connection with the Merger; and (iii) the repayment or retirement of B+L's outstanding debt.  If the Merger were not to close for any reason, the proceeds of the Offering will be used for general corporate purposes, which may include providing working capital, funding capital expenditures or for making one or more future acquisitions.

Goldman, Sachs & Co. will act as sole manager of the Offering outside of Canada and Goldman Sachs Canada Inc. will act as sole manager of the Offering in Canada. 

A copy of the preliminary prospectus supplement and accompanying prospectus relating to the Offering in the United States (the "U.S. Prospectus") will be available on EDGAR at www.sec.gov and a copy of the preliminary prospectus supplement and accompanying base shelf prospectus relating to the Offering in Canada (the "Canadian Prospectus") will be available on SEDAR at www.sedar.com.  Alternatively, a copy of the U.S. Prospectus may be obtained from Goldman, Sachs & Co. at 200 West Street, New York, New York 10282, Attn: Prospectus Department, telephone: 866-471-2526, facsimile: 212-902-9316, email: prospectus-ny@ny.email.gs.com and a copy of the Canadian Prospectus may be obtained from Goldman Sachs Canada Inc. at 77 King Street West, Suite 3400, Toronto, Ontario M5K 1B7, Attn: Prospectus Department, telephone: 866-471-2526, facsimile: 212-902-9316, email: prospectus-ny@ny.email.gs.com.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

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