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VALEANT PHARMACEUTICALS AND EYEGATE ENTER

INTO LICENSING AGREEMENT FOR EGP-437 COMBINATION PRODUCT IN POST-OPERATIVE PAIN AND INFLAMMATION IN OCULAR SURGERY PATIENTS

Novel Approach Offers Eye Care Practitioners

Delivery Alternative for Post-Operative

Therapeutic Regimens

LAVAL, QUEBEC and WALTHAM, MA - FEBRUARY

21, 2017 - Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) ("Valeant")

and EyeGate Pharmaceuticals, Inc. (Nasdaq: EYEG) ("EyeGate"), a specialty pharmaceutical

company that focuses on developing and commercializing products for treating diseases and disorders of the eye, today announced

that they have entered into an exclusive, worldwide licensing agreement through which EyeGate has granted a subsidiary of Valeant

exclusive, worldwide commercial and manufacturing rights to the EyeGate II Delivery System and EGP-437 combination

product candidate for the treatment of post-operative pain and inflammation in ocular surgery patients.

partnership follows a 2015 agreement in which Valeant secured an exclusive worldwide license for its subsidiary to

this product for uveitis. Valeant has maintained its right of last negotiation to license the product for other indications.

"We are pleased to extend our relationship

with EyeGate, and to obtain the global commercial and manufacturing rights to the EyeGate II Delivery System for the indication

of post-operative inflammation and pain in ocular surgery patients. We believe that the product has significant potential in the

market as part of our Bausch + Lomb business and applaud EyeGate for a remarkable job in advancing the product's development

in both uveitis and cataract surgery," said Joseph C. Papa, Chairman and CEO of Valeant. "We look forward to further

supporting EyeGate as they continue their progress in bringing this product to market to meet the needs of our customers and their

"This second licensing agreement with

Valeant provides an important validation of both the clinical and commercial potential of iontophoretic EGP-437. We believe that

Bausch + Lomb's sales, marketing and commercial capabilities in ophthalmology are unrivalled, making them the optimal partner

to bring this unique product to market," said Stephen From, President and Chief Executive Officer of EyeGate. "For

the approximately 3 million cataract surgery patients in the U.S. each year, adherence to the post-operative therapeutic regimen

is imperative. As many of these patients are older and may struggle with self-administration of corticosteroid eye drops, we believe

that iontophoretic EGP-437 administered by the eye care practitioner will provide a promising new treatment in addressing the needs

of this large patient population."

Under the license agreement, EyeGate received

an upfront cash payment and has the potential to receive certain development-based milestone payments, as well as additional milestone

payments based on the achievement of certain cumulative and annual sales milestones. Additionally, EyeGate will receive royalties

on Valeant's net sales of the product.

EyeGate will be responsible for the continued

development of the EyeGate II delivery system in the U.S. for the treatment of post-operative pain and inflammation in ocular surgery

patients, and all associated costs. Valeant has the right to further develop the product outside of the U.S., at its cost. In December

2016, EyeGate reported positive top-line data from a Phase 1b/2a trial assessing iontophoretic EGP-437 in the treatment of ocular

inflammation and pain in post-surgical cataract patients.

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.

EyeGate is a clinical-stage

specialty pharmaceutical company that is focused on developing and commercializing products for treating diseases and disorders

of the eye. EGP-437, EyeGate's first product in clinical trials, incorporates a reformulated topically active corticosteroid,

Dexamethasone Phosphate that is delivered into the ocular tissues through EyeGate's proprietary innovative drug delivery

system, the EyeGate II Delivery System. In addition, EyeGate is developing, through its wholly-owned Jade subsidiary, products

using cross-linked thiolated carboxymethyl hyaluronic acid ("CMHA-S"), a modified form of the natural polymer hyaluronic

acid (HA), which possesses unique physical and chemical properties such as hydration and healing properties. The ability of CMHA-S

to adhere longer to the ocular surface, resist degradation and protect the ocular surface makes it well-suited for treating various

ocular surface injuries. For more information, please visit www.EyeGatePharma.com.

Forward-looking Statements

This press release may contain forward-looking

statements which 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 the most recent annual or quarterly reports of Valeant and

Eyegate and detailed from time to time in Valeant's and Eyegate's other filings with the Securities and Exchange Commission

and Valeant's other filings with the Canadian Securities Administrators, which factors 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. Neither Valeant nor Eyegate undertakes any 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