Valeant Pharmaceuticals subsidiary acquires Canadian rights to Cholestagel

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that its subsidiary, Biovail Laboratories International SRL (BLS), has acquired the Canadian rights to Cholestagel® (colesevelam), an oral bile acid sequestrant for hypercholesterolemia, from Genzyme Corporation ("Genzyme"). Genzyme will receive from BLS a $2 million upfront payment, to be followed by subsequent additional milestone payments totaling up to $7 million.

"Cholestagel® is a strong addition to our Canadian franchise," said J. Michael Pearson, chief executive officer.  "While this compound is currently pending marketing approval from Health Canada, the use of Cholestagel® has been shown to be effective as an adjunctive option in the treatment of high levels of cholesterol in the blood in the countries where it is currently marketed. This product will be promoted by our existing sales force in Canada and will be a complementary fit with our existing Tiazac® XC promotions."