Valeant to redeem US$445.0M aggregate principal amount of 6.875% Senior Notes due 2018

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that its wholly owned subsidiary, Valeant Pharmaceuticals International, will redeem US$445.0 million aggregate principal amount of its outstanding 6.875% Senior Notes due 2018, CUSIP Nos. 91911XAN4, U9098VAF9 (the "Notes") on December 29, 2014 and has mailed an irrevocable notice of redemption for the Notes. Following the redemption, approximately US$500 million aggregate principal amount of the Notes will remain outstanding.

On November 28, 2014, a copy of the irrevocable notice of redemption with respect to the Notes to be redeemed was mailed to record holders of the Notes by The Bank of New York Mellon Trust Company, N.A., 400 South Hope Street, Suite 400, Los Angeles, CA 90071, as trustee under the indenture governing the Notes.