Valeant Pharmaceuticals International, Inc. announced that Dr. Laurence Paul has resigned from Valeant's Board of Directors due to expanded business, philanthropic, and personal commitments. Dr. Paul was originally elected to Biovail Corporation's Board of Directors in June 2002 where he served in several capacities, including heading at various times the audit and compensation committees and multiple special committees including the one that oversaw Biovail's side of the merger with Valeant in September 2010. Since the merger, Dr. Paul has been a member of the Nominating and Corporate Governance Committee, the Operations Committee and the Compensation Committee and has been a key member of and previously headed the Finance and Transactions Committee.

May 8, 2013, Valeant Pharmaceuticals International, Inc. entered into a separation agreement with Jason Hanson, pursuant to which Mr. Hanson ceased serving as the company's Executive Vice President company Group Chairman, effective as of May 8, 2013. Under the Separation Agreement, Mr. Hanson will serve as a consultant to the company for a period of two months following the termination date.

Valeant Pharmaceuticals International, Inc. announced that it has provided additional information related to the proposal to continue Valeant into British Columbia under the British Columbia Business Corporations Act (the BCBCA). The Continuance is being presented for shareholder approval at Valeant's 2013 Annual Meeting of Shareholders to be held on Tuesday, May 21, 2013. If the Continuance is approved by shareholders, Valeant's current Articles and By-laws under the Canada Business Corporations Act will be replaced with a Notice of Articles and Articles under the BCBCA. The New Articles provide that shareholders seeking to nominate candidates for election as directors must provide timely written notice to Valeant in accordance with the terms of the New Articles (the Advance Notice Provision). Valeant has modified the Advance Notice Provision to provide that, in the case of an annual general meeting, a shareholder's notice must be received by Valeant no later than the close of business on the 50th day before the meeting date; provided, however, that if the date (the Notice Date) on which first public announcement of the date of the annual general meeting was made is less than 60 days prior to the date of the annual general meeting, a shareholder's notice must be received by Valeant no later than the close of business on the 10th day following the Notice Date.