MISSISSAUGA, Ontario, April 20, 2011 /PRNewswire/ — Valeant
Pharmaceuticals International, Inc. (NYSE:
VRX) today announced that it will redeem all of the outstanding
4.0% Convertible Subordinated Notes due 2013 (the “Notes”) of its
wholly-owned subsidiary, Valeant Pharmaceuticals International, on
May 20, 2011 (the “Redemption Date”).  The notice of
redemption was distributed to holders of the Notes on April 20,
2011.

On and after May 20, 2011, the Notes will no longer be deemed
outstanding, interest will cease to accrue thereon, and all rights
of the holders will cease, except for the right to receive the
redemption price, without interest thereon.

The current conversion price is $12.65.  The Notes called
for redemption may be converted at any time before the close of
business on May 19, 2011 but may not be converted on or after the
Redemption Date unless the Company fails to pay the redemption
price.

About Valeant

Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a
multinational specialty pharmaceutical company that develops and
markets a broad range of pharmaceutical products primarily in the
areas of neurology, dermatology and branded generics.

Caution Regarding Forward-Looking Information and “Safe
Harbor” Statement

This press release may contain forward-looking statements,
including, but not limited to, our financing plans. 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
sta

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