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Valeant Pharmaceuticals Announces Exercise Of Over-Allotment Option

LAVAL, Quebec, June 20, 2013 /PRNewswire/ -- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) and (TSX: VRX) (the "Company") reports that the underwriters of its recently priced public offering of common shares (the "Offering") have exercised their option to purchase additional common shares and will purchase an additional 3,529,412 common shares at a price of $85.00 per share (the "Additional Shares").  The option to purchase Additional Shares was granted pursuant to the Offering of approximately 23,529,412 common shares at a price of $85.00 per share (the "Firm Shares").  The gross proceeds from the exercise of the option to purchase Additional Shares will total approximately $300 million, increasing the size of the Offering to approximately $2.3 billion.  Closing of the Offering is expected to occur on or about June 24, 2013.

The Company intends to use the net proceeds from the Firm Shares sold in the Offering, together with its previously announced 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. The Company may use the proceeds from the Additional Shares sold in the Offering, in addition to the manner described above, for general corporate purposes. If the Merger were not to close for any reason, the proceeds of the Offering, including the proceeds from such Additional Shares sold, 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 final prospectus supplement and accompanying prospectus relating to the Offering in the United States (the "U.S. Prospectus") is available on EDGAR at www.sec.gov and a copy of the final prospectus supplement and accompanying base shelf prospectus relating to the Offering in Canada (the "Canadian Prospectus") is 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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