Robbins Umeda LLP has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by members of the Board of Directors of Valeant Pharmaceuticals International ("Valeant" or the "Company") (NYSE:VRX) in connection with their actions in causing Valeant to enter into a definitive merger agreement to be acquired by Biovail Corporation ("Biovail") (NYSE:BVF). If the transaction is completed, Valeant shareholders will receive a combination of cash and stock equal to $16.77 in cash and 1.7809 shares of Biovail common stock for each share of Valeant they hold, for an implied value of approximately $46.14 per Valeant share. If approved, the transaction is expected to be completed by the end of the year.

Robbins Umeda LLP's investigation concerns whether the Board of Directors of Valeant undertook a fair process to obtain fair consideration for all shareholders of Valeant. Before the announcement of the proposed acquisition, at least two analysts had price targets of $57 per share. Nevertheless, the Company's fiduciaries are attempting to sell Valeant now at a price well below these targets.

If you are a shareholder of Valeant, plan to continue to hold your shares, and would like more information about your rights as a shareholder, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at info@robbinsumeda.com.

Robbins Umeda LLP is a California-based law firm with significant experience representing investors in merger-related shareholder class actions, shareholder derivative actions, and securities fraud class actions. For more information about the firm, please go to http://www.robbinsumeda.com.

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