MISSISSAUGA, Ontario,
May 2, 2011 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today
congratulated Teva Pharmaceutical Industries Ltd. (NASDAQ: TEVA)
and Cephalon, Inc. (NASADQ: CEPH) on their announcement that
Cephalon has agreed to be acquired by Teva. In response to
the news, Valeant has withdrawn its consent solicitation.
"We believe that this announcement is positive news for Cephalon
stockholders and we are pleased that Teva has paid what we believe
is a very full value for the company and as a result, have
withdrawn our consent solicitation," stated J. Michael Pearson, chairman and chief executive
officer. "As Cephalon stockholders ourselves with over a
million shares owned, we will benefit from this transaction without
participating further in the process. We will remain
disciplined on our M&A strategy and will look to deploy our
freed-up capital on other opportunities to create value for our
shareholders."
About Valeant
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 can be found at
www.valeant.com.
Forward-looking Statements
This press release may contain forward-looking statements,
including, but not limited to, statements regarding Valeant's
expectation to benefit from the proposed acquisition of Cephalon by
Teva and opportunities to create value for Valeant shareholders.
Forward-looking statements may be identified by the use of the
words "anticipates," "expects," "intends," "plans," "should,"
"could," "would," "may," "will," "believes," "estimates,"
"potential," or "continue" and variations or similar expressions.
These statements are based upon the current expectations and
beliefs of management and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. These risks
and uncertainties include, but are not limited to, risks and
uncertainties discussed in the company's most recent annual or
quarterly report filed with the Securities and Exchange Commission
("SEC") and risks and uncertainties relating to the proposed
merger, as detailed from time to time in Valeant's filings with the
SEC and the Canadian Securities Administrators ("CSA"), which
factors are incorporated herein by reference. Readers are cautioned
not to place undue reliance on any of these forward-looking
statements. Valeant undertakes no obligation to update any of these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect actual outcomes.
Contact Information:
Investors:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
Media:
Renee E. Soto
Sard Verbinnen & Co.
212-687-8080
rsoto@sardverb.com
Cassandra Bujarski
Sard Verbinnen & Co.
212-687-8080
cbujarski@sardverb.com
(Logo:
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)
SOURCE Valeant Pharmaceuticals International, Inc.