Valeant Pharmaceuticals Announces New CEO and Chairman

-- J. Michael Pearson Appointed CEO and Chairman --

-- Timothy C. Tyson Resigns as CEO and Director --
ALISO VIEJO, Calif.--(Business Wire)--
Valeant Pharmaceuticals International (NYSE:VRX) announced today
that it has appointed J. Michael Pearson to the position of Chief
Executive Officer of the Company, effective February 1, 2008,
following the resignation of Timothy C. Tyson as President, Chief
Executive Officer and a Director of the Company. In addition, Robert
A. Ingram will step down as Valeant's current Chairman of the Board,
but will remain on the Board as the Lead Director. Pearson will assume
the role of Chairman of the Board of Directors of Valeant, effective
immediately.

"On behalf of the Board of Directors, I want to thank Tim for his
dedication and contributions to Valeant," stated Robert Ingram. "Tim's
steady leadership has been critical to the development of the Company
and the many changes that have taken place over the past six years. I
am pleased that he has agreed to serve as a consultant during this
upcoming transition period and I wish him well in his future
endeavors."

Ingram further said, "We are very fortunate to be able to hire
Mike as our new CEO as he has significant management experience and a
keen understanding of the specialty pharmaceutical space. We believe
that Mike has the business acumen and the leadership skills to fully
realize the potential of Valeant's portfolio and people. The Board is
confident that Mike is the right person to lead Valeant going
forward."

"I am excited and honored to be joining Valeant," stated J.
Michael Pearson, newly appointed Chief Executive Officer and Chairman
of the Board. "I believe in Valeant's long-term potential and I look
forward to working with this team to forge the road ahead."

About J. Michael Pearson

Prior to Valeant, J. Michael Pearson was a Director at McKinsey &
Company. Over a 23-year career, he worked with leading CEOs and was an
integral driver of major turnarounds, acquisitions, and corporate
strategy. Within McKinsey, he held positions including: McKinsey's
Board of Directors, head of the global Pharmaceutical Practice and
head of McKinsey's mid-Atlantic region. Pearson holds a BS and BSE
from Duke University, graduating Summa Cum Laude and Phi Beta Kappa,
and earned his MBA from the University of Virginia, winning the
Shermet Award. He is also an Eagle Scout. He has been married for 18
years and has 4 sons.

Pearson's compensation package is directly linked to the
performance of Valeant. His awards are consistent with best practice
and provide a strong and direct link to the company's future. In
addition, he will be personally purchasing a minimum of $3 million in
Company stock.

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.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the
meaning of the federal securities laws relating to expectations, plans
or prospects for Valeant. These statements are based upon the current
expectations and beliefs of Valeant's 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 market conditions
and other factors beyond Valeant's control, and the risk factors and
other cautionary statements discussed in Valeant's filings with the
U.S. Securities and Exchange Commission. Readers are cautioned not to
place undue reliance on any of the forward-looking statements in this
press release, which speak only as of the date of this press release.
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.

Valeant Pharmaceuticals
Laurie W. Little, 949-461-6002

Copyright Business Wire 2008