LAVAL, Quebec, Dec. 20, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant" or the "Company") today announced that its affiliate has
completed the divestiture of the Sprout Pharmaceuticals subsidiary ("Sprout") to Sprout2 Inc., an entity affiliated with certain
former shareholders of Sprout, in exchange for a 6% royalty on global sales of ADDYI® (flibanserin) beginning in May 2019. In connection with the sale, Valeant has provided a $25 million loan to
fund initial operating expenses.
In connection with the completion of the sale, Valeant has been released from the ongoing obligations of the original
transaction to split future profits related to the sale of ADDYI® (flibanserin) with the former shareholders of Sprout, as well
as certain related provisions, including the obligations to make certain marketing and other expenditures. Additionally, the
parties to the existing litigation against the Company brought on behalf of the former shareholders of Sprout have filed a joint
stipulation with the court that such claims be dismissed with prejudice.
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 dermatology,
gastrointestinal disorders, eye health, neurology 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 which may generally be identified by the use of the words
"anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential,"
"target," 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 and detailed from time to time in Valeant's other
filings with the Securities and Exchange Commission and the Canadian Securities Administrators, which factors are incorporated
herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These
forward-looking statements speak only as of the date hereof. 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,
unless required by law.
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SOURCE Valeant Pharmaceuticals International, Inc.