Valeant Pharmaceuticals International has entered

into an agreement with Spear Pharmaceuticals, Inc. for rights to commercialize

Refissa, a prescription-based topical tretinoin cream used to diminish fine

wrinkles and fade irregular pigmentation due to sun damage. Valeant will pay

Spear a $12 million upfront payment and the two companies will share net

profits. Valeant will book sales and use its dermatology sales force to

promote Refissa to dermatologists nationwide. The Refissa family of

products had total sales of approximately $5 million in 2009.

"Our strategy is to offer a diverse portfolio of innovative, high quality

products to dermatologists and their patients who want healthier looking

skin," said J. Michael Pearson, chairman and chief executive officer of

Valeant. "Refissa is the only 0.05% strength prescription tretinoin cream on

the market that is fragrance-free and includes a moisturizing, emollient base

that is proven to be clinically safe and effective. Adding this FDA approved

product to our portfolio should present a solid growth opportunity for our

dermatology franchise."

"This strategic partnership will allow us to maximize the commercial

success of Refissa," stated K.L. Spear, M.D., dermatologist and president of

Spear Pharmaceuticals. "Valeant's well-regarded sales force will provide us

with greater access to communicate and educate dermatologists about the

benefits of Refissa, which is the only topical retinoid on the market

approved for all three of the following indications: fine wrinkles,

hyperpigmentation, and tactile roughness of the skin. I am excited to be

working with a company as dedicated to the dermatology market as Valeant."