Mr. J. Michael Pearson reports

A FIRST IN QUEBEC: VALEANT OFFICIALLY INAUGURATES ITS INTERNATIONAL HEADQUARTERS IN LAVAL

Valeant Pharmaceuticals International Inc. has officially inaugurated its new international headquarters in Laval. Valeant's chairman of the board and chief executive officer, J. Michael Pearson, presided over the ceremonies, accompanied by Valeant Canada's president and general manager, Jacques Dessureault, the Minister of Higher Education, Research, Science and Technology, Pierre Duchesne, and the mayor of Laval, Alexandre Duplessis. Valeant has created a precedent by becoming the first and only multinational pharmaceutical firm with an international head office in Quebec.

"Valeant has always had a strong Canadian presence, and with our operations continuing to perform well, we expect to continue to increase our activities here in Canada. Our vision is no less than to become the world leader in the dermatology sector, and our commitment is to achieve this here from our base in Quebec, one of our centres for dermatology development," said Mr. Pearson.

In recent years, Valeant's winning strategy has led to its growth into the biggest Canadian pharmaceutical firm through a large number of targeted acquisitions. Such actions include the Biovail Corp.-Valeant merger, as well as the acquisitions of Medicis Pharmaceutical Corp., Dermik, a division of Sanofi, and, more recently, California-based Obagi Medical Products, which specializes in dermatological care.

"Establishing Valeant's international headquarters in the Montreal region provides tangible benefits for Quebec and its economy. Thanks to our actions, we are consolidating high-level jobs in an ultraspecialized sector and are keeping the expertise and know-how in Quebec," added Mr. Dessureault.

Valeant's acquisition of Dermik in 2011 for approximately $425-million included the land, office building, plant and equipment in Laval. In addition, the company has invested approximately $70-million in investments for modernizing the facilities and for transferring production from Montreal to Laval.

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