Valeant Pharmaceuticals adds three new independent directors to its board

Dr Anders Lonner has stepped down as a director due to other priorities and personal commitments.

"We are pleased that these three experienced and capable leaders have agreed to join our Board," said Robert A. Ingram, chairman of the board. "We look forward to working collaboratively with Fred, Steve and Tom to enhance value for Valeant's shareholders and strengthen relationships with our other important constituents. Fred's extensive experience in the pharmaceutical industry, Steve's business, legal and corporate governance acumen, and Tom's broad public policy expertise are valuable additions to the Board as we strengthen the Company's corporate governance practices and move the company forward."

Mr Ingram added: "As Valeant grows, it is essential that our directors have the appropriate mix of skills and experience necessary to support management. We are strongly committed to strengthening the management team through a careful succession planning process for all of our key positions and will consider further enhancing the Board with additional candidates who have complementary perspectives and expertise."

Fred Eshelman is a 35-year veteran of the pharmaceutical industry and is the founder and former Chief Executive Officer and Executive Chairman of Pharmaceutical Product Development. Dr Eshelman was also the founding chairman of Furiex Pharmaceuticals, a drug development company that collaborated with pharmaceutical and biotechnology companies to increase the value of their drug candidates by applying an accelerated approach to drug development. Stephen Fraidin is widely recognized as one of the country's leading M&A lawyers, having worked in the industry for more than 40 years. He is currently Vice Chairman at Pershing Square Capital Management L.P.

Thomas W. Ross served as President of the University of North Carolina from 2011 to 2016. Before that, he served as a North Carolina Superior Court judge for 17 years.

"I continue to believe in the future of Valeant, but this position requires more time than I can provide at this time," stated Dr Lonner.

"Serving on the Board of Valeant has been a great privilege for me and I wish Valeant all the best going forward."

"I also want to thank Anders for all of his tireless efforts and contributions on behalf of Valeant shareholders," continued Ingram. "His knowledge of the international pharmaceutical market and his support on several acquisitions have been invaluable to Valeant."