Valeant Announces the Early Results of Tender Offers for Its 6.75% SENIOR NOTES DUE 2018

Announces the Early Results of Tender Offers for Its 6.75% SENIOR NOTES DUE 2018

LAVAL, QUEBEC, March 20, 2017

- Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) ("Valeant" or the "Company")

announced today that as of 5:00 p.m. New York City time on March 20, 2017 (the "Early Participation Date"), holders

of its outstanding 6.75% Senior Notes due 2018 (the "Notes") had validly tendered $1,552,046,000 in aggregate principal

amount of the Notes in connection with the Company's offer to purchase for cash up to $1,100,000,000 aggregate principal

amount of the Notes (the "Tender Offer"), which the Company commenced on March 7, 2017.

of the oversubscription of the Tender Offer, the Company has accepted for purchase tendered Notes on a prorated basis in the manner

described in the Company's Offer to Purchase dated March 7, 2017. The following table sets forth the outstanding principal

amount of Notes, the principal amount that had been tendered and not withdrawn as of the Early Participation Date, the principal

amount accepted for purchase and the approximate proration factor:

Total consideration of $1,029.06

for each $1,000 principal amount of Notes, plus accrued and unpaid interest, is expected to be paid on March 21, 2017 (the "Initial

Payment Date") to the holders of Notes tendered and accepted for purchase as of the Early Participation Date (the "Total

Consideration"). The Total Consideration includes an early participation payment of $30.00 per $1,000 principal amount of

Notes accepted for purchase as of the Early Participation Date. As a result of the oversubscription of the Tender Offer, the Company

will purchase Notes validly tendered as of the Early Participation Date using the approximate proration factor of 70.90%. No additional

Notes tendered will be accepted under the terms of the Tender Offer. The Company expects to return any Notes tendered but not

accepted for payment promptly after the Early Participation Date.

In addition to the Total Consideration,

all Notes accepted for purchase will also receive accrued and unpaid interest on such Notes from the last interest payment date

to, but not including, the Initial Payment Date for the Notes.

Closing of the Tender Offer is

subject to the conditions described in the Company's Offer to Purchase. However, the Credit Agreement Refinancing Condition

and the Debt Financing Conditions described in the Offer to Purchase are expected to be satisfied on March 21, 2017.

This announcement is not an offer

to purchase or a solicitation of an offer to sell with respect to any Notes. Any offer to purchase the Notes will be made by means

of an Offer to Purchase and related letter of transmittal. No offer to purchase will be made in any jurisdiction in which such

an offer to purchase would be unlawful.

In connection with the Tender

Offer, Valeant has retained Barclays Capital Inc. and Goldman, Sachs & Co. as the Dealer Managers. Questions regarding the

Tender Offer should be directed to Barclays Capital Inc. at (800) 438-3242 (toll free) or (212) 528-7581 or Goldman, Sachs &

Co. at (800) 828-3182 (toll free) or (212) 902-6595. The complete terms and conditions

of the Tender Offer are set forth in the

Offer to Purchase and the related Letter of Transmittal, each dated March 7, 2017, as amended by our press release dated

March 10, 2017. Holders are urged to read those documents carefully. Requests for documents should be directed to D.F. King &

Co, Inc., the Information Agent for the Tender Offer, at (866) 521-4424 (toll free) or (212) 269-5550 or email at vrx@dfking.com.

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.

Forward-Looking Information

and "Safe Harbor" Statement

This press release may contain

forward-looking statements, including, but not limited to, the Tender Offer, the details thereof and other expected effects of

the Tender Offer. 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:

877-281-6642 (toll free)

Chris Kittredge/Jared Levy

Sard Verbinnen & Co.