LAVAL, Quebec, March 27, 2015 /PRNewswire/ -- Valeant
Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX)
announced today the closing of its previously announced registered
offering of common shares in the United
States (the "Offering"). Pursuant to the Offering, the
Company issued 7,286,432 common shares at a price of $199.00 per share, for aggregate gross proceeds
of approximately $1.45 billion. On
March 18, 2015, the Company filed
with the U.S. Securities and Exchange Commission a final prospectus
supplement to its effective shelf registration statement on Form
S-3 in connection with the Offering.
The Company has granted to the underwriter of the Offering an
option, exercisable for a period of 30 days following the date of
the final prospectus supplement, to purchase additional common
shares equal to up to 15% of the common shares initially sold.
The Company expects to use the net proceeds of the Offering,
together with borrowings under the Company's incremental term loan
facilities, the proceeds of an offering of the Company's senior
notes and cash on hand, to fund the purchase price of the
previously announced acquisition of Salix Pharmaceuticals, Ltd.
("Salix"), as well as repayments of indebtedness of Salix and
certain transaction expenses. The Company intends to use any
remaining proceeds for general corporate purposes, including
acquisitions and debt repayments.
Deutsche Bank Securities acted as sole book-running manager for
the Offering and HSBC, MUFG, DNB Markets, Barclays, Morgan Stanley,
RBC Capital Markets and SunTrust Robinson Humphrey acted as
co-managers for the Offering.
A copy of the final prospectus supplement and accompanying
prospectus relating to the Offering in the United States (the "Prospectus") are
available on EDGAR at www.sec.gov. Alternatively, a
copy of the Prospectus may be obtained from Deutsche Bank
Securities Inc., Attention: Prospectus Group at 60 Wall Street,
New York, NY 10005-2836,
telephone: 1-800-503-4611, email: prospectus.CPDG@db.com. The
common shares have not been and will not be qualified for sale to
the public by prospectus under applicable Canadian securities laws
and the common shares may not be offered or sold to any purchaser
located or resident in any province or territory of Canada.
This press release shall not constitute an offer to sell or the
solicitation of an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such jurisdiction.
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, eye health, neurology, and
branded generics. More information about Valeant
Pharmaceuticals International, Inc. can be found at
www.valeant.com.
Caution Regarding Forward-Looking Information and "Safe
Harbor" Statement
This press release may contain forward-looking statements,
including, but not limited to, our financing plans and the use of
proceeds of the proposed Offering, the consummation of the proposed
acquisition of Salix, and the repayment and redemption of
indebtedness of Salix. Forward-looking statements 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 our most recent
annual and quarterly reports and detailed from time to time in our
other filings with the Securities and Exchange Commission and the
Canadian Securities Administrators, which risks and uncertainties
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.
We undertake no obligation to update any of these forward-looking
statements to reflect events or circumstances after the date of
this press release or to reflect actual outcomes, except as
required by law.
Contact Information:
Laurie W. Little
Valeant Pharmaceuticals International, Inc.
949-461-6002
laurie.little@valeant.com
Media:
Renee E. Soto/Meghan Gavigan
Sard Verbinnen & Co.
212-687-8080
rsoto@sardverb.com / mgavigan@sardverb.com
Logo -
http://photos.prnewswire.com/prnh/20101025/LA87217LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/valeant-pharmaceuticals-closes-offering-of-145-billion-of-common-shares-300056978.html
SOURCE Valeant Pharmaceuticals International, Inc.