ALISO VIEJO, Calif. and TORONTO, Sept. 27 /PRNewswire-FirstCall/
— Valeant Pharmaceuticals International (NYSE:
VRX) and Biovail Corporation (NYSE/TSX: BVF) announced that at
today’s Special Meetings, each of which had a quorum of
shareholders, shareholders of both companies have voted
overwhelmingly in favour of the merger-related resolutions. Of the
votes cast by Biovail’s shareholders, over 99% were voted in favour
of the resolution authorizing the issuance of Biovail common shares
necessary to effect the merger with Valeant in accordance with the
merger agreement and the name change to “Valeant Pharmaceuticals
International, Inc.”  Of the votes cast by Valeant’s
shareholders, over 99% were voted in favour of the adoption of the
merger agreement.

Valeant and Biovail currently anticipate that the effective time
of the merger will occur on September 28, 2010, subject to the
satisfaction or waiver of the conditions to the closing of the
merger.

About ValeantValeant Pharmaceuticals International (NYSE:
VRX) is a multinational specialty pharmaceutical company that
develops, manufactures and markets a broad range of pharmaceutical
products primarily in the areas of neurology and dermatology. More
information about Valeant can be found at www.valeant.com.

About BiovailBiovail Corporation (NYSE and TSX: BVF) is a
specialty pharmaceutical company engaged in the formulation,
clinical testing, registration, manufacture, and commercialization
of pharmaceutical products. Biovail is focused on the development
and commercialization of medicines that address unmet medical needs
in niche specialty central nervous system (CNS) markets. For more
information about Biovail, visit Biovail’s Web site at www.biovail.com

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