Valeant Pharmaceuticals completes merger of Biovail Corporation

Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) today announced the completion of the merger of Biovail Corporation ("Biovail") and Valeant Pharmaceuticals International ("Valeant") following the approval of the merger by shareholders of both companies.  

The combined company is called Valeant Pharmaceuticals International, Inc.  Under the terms of the merger agreement, Valeant stockholders will receive, for each share of Valeant common stock outstanding immediately prior to the merger, 1.7809 Biovail common shares.  The combined company will trade under the symbol "VRX" on the NYSE and the TSX.

As contemplated by the merger agreement, Valeant's Board of Directors declared a one-time special cash dividend of $16.77 per share to Valeant stockholders on September 27, 2010.  Each Valeant stockholder of record as of the close of business on September 27, 2010 will be paid $16.77 per share of Valeant common stock pursuant to the pre-merger special dividend.