Valeant Pharmaceuticals International, Inc. today announced the
completion of the merger of Biovail Corporation and Valeant Pharmaceuticals
International 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.