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 News Release - August 14, 2006

Valeant Pharmaceuticals Mourns Death of Chairman Robert W. O'Leary

Board of Directors Elects Robert A. Ingram as Chairman of the Board

COSTA MESA, Calif.--(HSMN NewsFeed)--Aug. 14, 2006--Valeant Pharmaceuticals International (NYSE:VRX ) announced with great sadness today that Robert W. O'Leary, who served as its chairman of the board over the past four years, died this morning at the age of 62, following a long battle with cancer.

In accordance with the succession process of its board of directors, Valeant also announced today that the board has elected Robert A. Ingram as chairman of the board. Mr. Ingram has been a board member since 2003. He serves as Vice Chairman Pharmaceuticals of GlaxoSmithKline and is chairman of the board of OSI Pharmaceuticals. Additionally, Mr. Ingram serves on the boards of Allergan Inc., Edwards Lifesciences Corp., Lowe's Companies, Inc. and Wachovia Corporation.

"We are all saddened by the passing of Rob O'Leary," said Timothy C. Tyson, Valeant's president and chief executive officer. "Rob was a man of enormous vision, courage and character - values central to everything he touched and a core part of our Company. He led Valeant in a remarkable turnaround and built it into a model of integrity, accountability and transparency. We will all miss Rob's counsel and wisdom, and his mark will long be felt by this Company. On behalf of the board of directors and all Valeant employees, I would like to extend our deepest condolences to the O'Leary family."

Mr. O'Leary was appointed chairman and chief executive officer of ICN Pharmaceuticals in June 2002 and successfully led the Company in its transformation to Valeant Pharmaceuticals. After handing the reigns of chief executive officer to Timothy C. Tyson in January 2005, Mr. O'Leary remained as chairman of the board, gaining recognition for his work in corporate governance.

As chairman and chief executive officer of American Medical International (AMI) from 1991 through 1995, Mr. O'Leary led the company to success and its eventual merger with NME to form Tenet Healthcare. He was also the founding CEO of St. Joseph Health System in Orange, California. In addition, Mr. O'Leary served as a board member for The Smiths Group Plc, Viasys Healthcare Inc. and Thermo Electron Corporation and served on the Board of Governors of the Health Industry of the World Economic Forum in Switzerland. Mr. O'Leary also received the Distinguished Service Medal from the Mexican Red Cross and served on the board of trustees for the Basketball Hall of Fame.

About Valeant:

Valeant Pharmaceuticals International (NYSE:VRX ) is a global, specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.


Source: Valeant Pharmaceuticals

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