Valeant Completes Offering of Common Shares

Valeant Pharmaceuticals International, Inc. (“Valeant”) (TSX:VRX) (NYSE:VRX) completed its previously announced public offering of 27,058,824 common shares for total gross proceeds of US$2,271,250,040. Valeant used the net proceeds from the offering to fund a portion of the purchase price of its US$8.7-billion acquisition of Bausch & Lomb Holdings Incorporated, which was completed on August 5, 2013. The common shares were offered in Canada by way of Prospectus Supplement to a Short Form Base Shelf Prospectus and in the United States by way of a prospectus supplement to a Registration Statement on Form S-3, with Goldman, Sachs & Co. and Goldman Sachs Canada Inc. (together, “Goldman”) acting as underwriters for the offering. The offering represents the largest equity offering to date in Canada in 2013.

Valeant was represented in the US by Skadden, Arps, Slate, Meagher & Flom LLP with a team that included Richard Aftanas (corporate finance) and Michael Acedo (corporate), Patrick Gadson and Donnie Clay (corporate finance); and Lior Amir, David Sturgeon and Jennifer Sabin (tax); and international attorney Ilan Grinshtain (corporate finance); and in Canada by Osler, Hoskin & Harcourt LLP with a team that included Doug Bryce, François Paradis, Desmond Lee, Ward Sellers, Nadir Nurmohamed, Rob Hughes, Alexandre Martin and Rob Anton.

Goldman was represented in the US by Cahill Gordon & Reindel LLP with a team that included Rachael Gray, Lindsay K. Flora, Daniel Tarnopol and Carly Shainker; and in Canada by Stikeman Elliott LLP with a team that included Gordon Cameron, Terence Doherty, Pierre-Yves Leduc, Gawain Chan, Marc-André Wolfe, Zev Zelman and Maria Reda.


François Paradis Desmond Lee Pierre-Yves Leduc Zev Zelman Ward A. Sellers Gordon N. Cameron Douglas A. Bryce Robert Hughes


Skadden, Arps, Slate, Meagher & Flom LLP Osler, Hoskin & Harcourt LLP Cahill Gordon & Reindel LLP Stikeman Elliott LLP