Biovail

:

Valeant Pharmaceuticals International

Dealogic Deal #  :

690369

Data as of :

6/21/2010

Target

Acquiror

Dates & Values

Valeant Pharmaceuticals International

Biovail

Target:

100

% stake

Buying:

100

% stake

Rumored

-

Deal Value $m

3,850.6

NY

VRX

76

m shares outstanding

Public (Listed)

Announced

21st Jun 2010

Value ex Debt $m

3,402.9

United States

Canada

Healthcare

Healthcare

Expected

3Q 2010

Consideration

Jefferies | Advisor

Morgan Stanley | Advisor

Completed

-

Goldman Sachs | Advisor

Cravath Swaine | Attorney

Skadden Arps | Attorney

Sullivan & Cromwell | Attorney

Withdrawn

-

Ogilvy Renault | Attorney

Blake Cassels | Attorney

Termination Fee, Target $m

tbd

Timeline Events

Termination Fee, Acquiror $m

tbd

Financials

31st Mar 2010

Balance Sheet

Debt/Equity:

2.1

Premiums & Multiples

Initial Offer

$42.77

Current Offer

$42.77

Income Statement

Cash Flows

Operations $m

216

Profitability

Profit Margin

24%

Return on Equity

61%

League Table Impact

Sector Trend

2010 YTD Announced Global M&A by Deal Value, $bn

Monthly Announced Global M&A, $bn:

Healthcare

1

Goldman Sachs

211.6

2

Credit Suisse

195.2

3

Morgan Stanley

170.0

4

JPMorgan

162.0

5

BOA Merrill Lynch

159.0

6

Deutsche Bank

139.5

7

Citi

134.1

8

Barclays Capital

124.2

9

Lazard

101.3

10

UBS

100.7

22

Jefferies

20.2

© 2010 Dealogic.  All rights reserved.