Valeant (VRX) Updates on Afexa Tender Offer

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced today that a total of 80,929,921 common shares of Afexa were validly deposited at the expiry time of the offer by its wholly-owned subsidiary 1625907 Alberta Ltd. to acquire all outstanding common shares of Afexa Life Sciences Inc. As all of the conditions to the offer have been satisfied, the Offeror has taken up all of the deposited common shares. Afexa's shareholders who tendered to the offer will receive C$0.85 per share in cash which will be paid to Afexa's shareholders in accordance with the terms of the offer.

Accordingly, after giving effect to the take-up of the deposited common shares, Valeant holds approximately 73.8% of the outstanding common shares of Afexa on a fully-diluted basis. As a result, the Offeror is in a position to privatize Afexa by completing a subsequent acquisition transaction as contemplated in the offer documents.

Valeant also announced that it is extending its offer until 5:00 p.m. (Edmonton time) on October 27, 2011 to allow Afexa shareholders an additional opportunity to tender their common shares.

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