Valeant Will Pay $96.25 Million
to Resolve the Litigation
LAVAL, Quebec, Dec. 29, 2017 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant" or the "Company") today announced the parties in the
cases of Basile v. Valeant Pharmaceuticals International, Inc. et
al. (Case No. 14-cv-02004-DOC) and Timber Hill LLC v. Pershing
Square Capital Management, L.P., et al. (Case No. 17-cv-04776-DOC)
in the U.S. District Court for the Central District of California have preliminarily agreed to
resolve the claims of the litigation for $290 million, subject to the court's
approval.
Valeant will pay $96.25 million,
or 33 percent, of the settlement under the terms of a recently
revised Litigation Management Agreement with the other defendants.
Additionally, as part of the agreement, the Company and the other
defendants admit no wrongdoing.
"We believe this agreement to resolve the legacy litigation is
in the best interests of the Company, because it enables us to
focus our attention and resources on the transformation of
Valeant," said Joseph C. Papa,
chairman and CEO, Valeant. "Though we always have remained
confident in our position and were prepared to try these cases on
their merits, this agreement will eliminate disruption to our
business."
About Valeant
Valeant Pharmaceuticals International,
Inc. (NYSE/TSX:VRX) is a multinational specialty pharmaceutical
company that develops, manufactures and markets a broad range of
pharmaceutical products primarily in the areas of dermatology,
gastrointestinal disorders, eye health, neurology and branded
generics. More information about Valeant can be found at
www.valeant.com.
Forward-looking Statements
This news release may
contain forward-looking statements which may generally be
identified by the use of the words "anticipates," "expects,"
"intends," "plans," "should," "could," "would," "may," "will,"
"believes," "estimates," "potential," "target," or "continue" and
variations or similar expressions. These statements are based upon
the current expectations and beliefs of management and are subject
to certain risks and uncertainties that could cause actual results
to differ materially from those described in the forward-looking
statements. These risks and uncertainties include, but are not
limited to, risks and uncertainties discussed in the Company's most
recent annual or quarterly report and detailed from time to time in
Valeant's other filings with the Securities and Exchange Commission
and the Canadian Securities Administrators, which factors are
incorporated herein by reference. Readers are cautioned not to
place undue reliance on any of these forward-looking
statements. These forward-looking statements speak only as of
the date hereof. Valeant undertakes no obligation to update any of
these forward-looking statements to reflect events or circumstances
after the date of this news release or to reflect actual outcomes,
unless required by law.
Investor
Contact:
|
Media
Contact:
|
Arthur
Shannon
|
Lainie
Keller
|
arthur.shannon@valeant.com
|
lainie.keller@valeant.com
|
(514)
856-3855
|
(908)
927-0617
|
(877) 281-6642 (toll
free)
|
|
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SOURCE Valeant Pharmaceuticals International, Inc.