Valeant Pharmaceuticals Files a Notice of Intention to Make a Normal Course Issuer Bid

Valeant Pharmaceuticals International, Inc. VRX announced today that it has filed a Notice of Intention to make a normal course issuer bid with The Toronto Stock Exchange and that the TSX has accepted the Notice of Intention. Under the bid, the Company will have the right to purchase for cancellation, commencing August 25, 2011, 1,000,000 of its Common Shares (representing approximately 0.33% of Valeant's Common Shares issued and outstanding as of the date hereof) through the facilities of the TSX, or such other means as may be permitted by the TSX. The Company may, at certain times, purchase its Common Shares if it believes that the market price of its Common Shares is attractive and that the purchase would be in the best interest of the Company and an appropriate use of corporate funds in light of potential benefits to remaining shareholders. The Company currently has approximately 299,587,764 Common Shares outstanding, and its average trading volume on the TSX for the six months prior to the date hereof is 462,572. For purposes of the TSX rules, a maximum of 115,643 common shares may be purchased by the Company on any one day under the bid, except where purchases are made in accordance with the "block purchase exception" of the TSX rules.