LAVAL, Quebec, April 12, 2018 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE/TSX: VRX) today announced that the Arbitral Tribunal issued a decision (rendered on
April 9, 2018) relating to the arbitration between Santarus Inc. and Valeant Pharmaceuticals
Ireland (collectively "Valeant"), and Cosmo Technologies Ltd. and Cosmo Technologies III Ltd. (collectively, "Cosmo"), the
licensor of certain intellectual property rights in, and supplier of, Valeant's UCERIS® extended release tablets. The arbitration
focused on Cosmo's allegations that Valeant had breached the License Agreement and Manufacturing and Supply Agreement
(collectively the "Agreements") between the parties and Cosmo's claim that it had validly terminated the Agreements. Valeant
denied each of Cosmo's allegations and claims. A hearing on liability issues was conducted from October 5-8, 2017.
On April 12, 2018, the Tribunal issued a ruling rejecting Cosmo's claims in their entirety;
accordingly, both the License Agreement and the Manufacturing and Supply Agreement remain in effect. Additionally, the Arbitral
Tribunal ordered Cosmo to pay the entirety of Valeant's legal costs (U.S. $3,063,960).
Valeant will continue to vigorously defend itself against these and other claims and allegations.
About Valeant
Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) is a global company whose mission is to improve people's
lives with our health care products. We develop, manufacture and market a range of pharmaceutical, medical device and
over-the-counter products, primarily in the therapeutic areas of eye health, gastroenterology and dermatology. We are delivering
on our commitments as we build an innovative company dedicated to advancing global health.
Caution Regarding Forward-Looking Information and "Safe Harbor" Statement
This news release may contain forward-looking statements, including, but not limited to, the redemption of the Notes.
Forward-looking statements 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 our most recent
annual and quarterly reports and detailed from time to time in our other filings with the Securities and Exchange Commission and
the Canadian Securities Administrators, which risks and uncertainties 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. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances
after the date of this news release or to reflect actual outcomes, except as required by law.
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SOURCE Valeant Pharmaceuticals International, Inc.