LAVAL, Quebec, July 14, 2016 /CNW/ -- Valeant Pharmaceuticals
International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant" or the
'Company") today commented on recent stock transactions
made by Valeant's former chief executive officer, J. Michael Pearson. The Company
understands that Mr. Pearson exercised and sold options
representing approximately 4.4 million shares, which would expire
within the next 12 months, and sold approximately 411,000 shares of
common stock in June and July to satisfy tax obligations with
respect to the 2015 margin sale conducted by Goldman Sachs, and for
additional liquidity. Mr. Pearson remains a significant Valeant
shareholder with more than 3.5 million shares and is required
to hold 1 million shares for two years following employment
termination.
"I continue to believe in Valeant, Joe and the rest of the
management team," stated J. Michael
Pearson. "While I trimmed my ownership position for personal
reasons, I plan on holding my remaining shares until the company
recovers and returns to being traded on fundamentals."
"Mike's personal stock transactions are not a reflection of the
ongoing viability of Valeant," stated Joseph C. Papa, chairman and chief executive
officer. "I joined Valeant in May because of the opportunity
to lead a company with a highly diversified portfolio of leading
global brands, a durable consumer franchise, and a strong new
product pipeline. While I knew there would be challenges, I
am confident that we are taking the right steps to stabilize the
company and deliver stakeholder value to patients, prescribers and
shareholders.
"Next week, the hard work of our R&D team will result in
three significant regulatory events related to brodalumab,
latanoprostene bunod and Relistor Oral. We appreciate the
efforts of the Valeant R&D team to create and bring to market
products that will potentially improve patients' lives and make
important contributions to the healthcare community.
"Furthermore, I look forward to updating our investors on the
progress we are making and outlining my vision for the future when
we report second quarter earnings next month. As a Valeant
shareholder, I continue to believe that we will succeed in
realizing this company's exceptional potential and remain confident
that our future will be bright."
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 press release contains forward-looking statements.
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 and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. 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 press release or to reflect
actual outcomes, unless required by law.
Contact Information:
Laurie W. Little
laurie.little@valeant.com
or
Elif McDonald
elif.mcdonald@valeant.com
514-856-3855
877-281-6642 (toll free)
Media:
Renée Soto
or
Chris Kittredge/Jared Levy
Sard Verbinnen & Co.
212-687-8080
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SOURCE Valeant Pharmaceuticals International, Inc.