LAVAL, Quebec, Jan. 23, 2014 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX)
("Valeant") today announced the completion of the previously
announced transaction in which a wholly-owned subsidiary of Valeant
Pharmaceuticals International ("VPI") would acquire Solta Medical,
Inc. (NASDAQ: SLTM) ("Solta") at a price of $2.92 per share in cash, or approximately
$250 million in the
aggregate.
On January 23, 2014, Valeant
announced that it had successfully completed the tender offer for
all outstanding shares of common stock of Solta. Valeant announced
that it had accepted for payment all shares validly tendered and
not properly withdrawn as of the expiration time of the tender
offer and would promptly pay for such shares, which represented
approximately 89% of Solta's outstanding shares (including
3,310,396 shares that had been tendered by notice of guaranteed
delivery, representing approximately 4% of Solta's outstanding
shares). Pursuant to the terms of the merger agreement, the
wholly-owned subsidiary of VPI merged with and into Solta on
January 23, 2014. All outstanding
shares of common stock of Solta, other than (i) shares owned,
directly or indirectly, by Valeant or VPI or any direct or indirect
wholly owned subsidiary of Valeant or VPI immediately prior to the
effective time of the merger or held by Solta (other than on behalf
of third parties) or any direct or indirect wholly owned subsidiary
of Solta immediately prior to the effective time of the merger, all
of which was cancelled and ceased to exist and (ii) shares that
were held by stockholders of Solta who properly exercised their
appraisal rights under Delaware
law, were canceled and converted into the right to receive cash
equal to the $2.92 price per share,
without interest (less any applicable withholding taxes).
As a result of the completion of the merger, Solta has become a
wholly-owned subsidiary of VPI and the common stock of Solta will
no longer be listed for trading on the NASDAQ Global Select Market,
which change is expected to take effect as of the close of market
on January 23, 2014.
Skadden, Arps, Slate, Meagher & Flom LLP acted as legal
advisors to Valeant. Piper Jaffray
& Co. acted as financial advisor to Solta. Fenwick & West
LLP acted as legal advisors to Solta.
About Valeant Pharmaceuticals International, Inc.
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, eye health, neurology, and
branded generics. More information about Valeant
Pharmaceuticals International, Inc. can be found at
www.valeant.com.
Forward Looking Statements
This press release contains forward-looking statements regarding
the acquisition by Valeant of Solta. Statements including
words such as "expects," "intends," "will," or similar
expressions are forward-looking statements. Because these
statements reflect Valeant's current views, expectations and
beliefs concerning future events, these forward-looking statements
are not guarantees of future events and involve risks and
uncertainties. All forward-looking statements speak only as
of the date they were made. The company assumes no obligation
to publicly update any forward-looking statements, to reflect
events, circumstances or changes in expectations after the date of
this press release.
Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com
(Logo:
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO)
SOURCE Valeant Pharmaceuticals International, Inc.