Funding to Help Expand Manufacturing Lines for Company’s Latest Contact Lens Technology Manufacturing Line Expansion to Create and Retain Jobs in Upstate New York
Laval, Quebec — July 28, 2015 — Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) wholly owned subsidiary, Bausch + Lomb, announced today it was presented a $973,000 check from Rochester Gas & Electric (RG&E) to support the economic development for its electric infrastructure improvements at its facility located at 1400 N. Goodman Street in the City of Rochester. The award will help fund substantial (>$200 million) renovations and new construction for its Bausch + Lomb ULTRA® lens manufacturing lines, the company’s latest silicon hydrogel contact lens technology. RG&E’s grant assistance was part of a comprehensive economic development incentive package developed through a collaborative effort with other government partners at the local, regional and state level. The support will allow Bausch + Lomb’s Rochester expansion project to create more than 100 new, high-paying manufacturing jobs and help retain more than 800 jobs. Joseph Hart, executive director, site operations for Bausch + Lomb, accepted the award, joining other colleagues and RG&E executives at the company’s Rochester-based facility. “This gift will make a tremendous impact on our ability to expand the Bausch + Lomb ULTRA contact lens manufacturing lines,” Hart said. “Bausch + Lomb’s manufacturing operations in Rochester are committed to driving innovation and helping to bring those advancements to market. I am very proud of all the work that has gone into this project and would like to thank the RG&E team for their support in making this progress possible.” “RG&E and our parent company, Iberdrola USA, have long histories of supporting the communities where we live, work and serve. We’re proud to be part of this effort with Bausch + Lomb and our other economic development partners to help create and retain jobs in upstate New York,” said Mark S. Lynch, president and CEO of NYSEG and RG&E. This is great news for the City of Rochester, Monroe County and New York State “I commend Rochester Gas & Electric and Valeant for their investment to support the manufacture of Bausch + Lomb’s new cutting-edge Bausch + Lomb ULTRA contact lenses in the heart of Rochester right where the company was founded over 160 years ago,” said U.S. Senator Charles E. Schumer. Bausch + Lomb is currently manufacturing Bausch + Lomb ULTRA contact lenses on the initial pilot line, launched in early February 2014, and the first full commercial line, which was validated in May. The second manufacturing line is estimated to be validated by the second half of 2015, followed by lines three and four in 2016.
Pictured from left to right: John Weldon, facility manager, Bausch + Lomb, George Grobe, vice president, R&D, Vision Care and Surgical, Valeant Pharmaceuticals, Dick Marion, lead analyst, economic development for NYSEG and RG&E, Joe Hart, executive director, site operations for Bausch + Lomb, Javier Bonilla, vice president – engineering and delivery – Iberdrola USA, Tom Peter, senior director, contact lens operations, Bausch + Lomb, Veronica Dasher, lead analyst – field marketing for NYSEG and RG&E, Joe Rizzo, manager – economic development for NYSEG and RG&E, and Kate Mye, project cost consultant to Bausch + Lomb
About Bausch + Lomb ULTRA Contact Lenses Bausch + Lomb ULTRA contact lenses with MoistureSeal® technology are made for today’s screen-centric lifestyle. Combined with the breakthrough MoistureSeal technology, Bausch + Lomb ULTRA contact lenses help prevent lens dehydration that may be caused by reduced blink rates1 and maintain 95 percent of their moisture for a full 16 hours.2 The lenses provide excellent comfort and vision throughout the day compared to the leading silicone hydrogel lenses.3 About Valeant Pharmaceuticals International, Inc. 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. More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com. About Bausch + Lomb Bausch + Lomb, a Valeant Pharmaceuticals International, Inc. company, is a leading global eye health organization that is solely focused on protecting, enhancing, and restoring people’s eyesight. Our core businesses include ophthalmic pharmaceuticals, contact lenses, lens care products, ophthalmic surgical devices and instruments. We develop, manufacture and market one of the most comprehensive product portfolios in our industry with products available in more than 100 countries. Forward-looking Statements This press release may contain forward-looking statements, including, but not limited to, statements regarding the future investment in production capacity and the related benefits and effects of such programs. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," 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 company's most recent annual or quarterly report filed with the Securities and Exchange Commission ("SEC") and other risks and uncertainties detailed from time to time in the Company's filings with the SEC and 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. Valeant undertakes 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. References 1 Results of an in vitro study in which Bausch + Lomb ULTRA®, ACUVUE OASYS, AIR OPTIX AQUA, and Biofinity contact lenses were placed on a model cornea with 0.18 μm of spherical aberration. Images were acquired every 10 seconds up to 30 seconds and analyzed using pattern matching algorithms. A score for each 10-second interval is determined by comparing how closely the test image matches the time 0 image. Mean scores over the 30-second interval were determined and compared.
Pictured from left to right: Joe Hart, executive director, site operations for Bausch + Lomb, and Javier Bonilla, vice president – engineering and delivery – Iberdrola USA
2 Schafer, J. and China, P. “16 Hour, Bilateral, Dispensing Clinical Evaluation.” R&D Clinical Report. 2013.
3 Results from a 22-investigator, multi-site study of Bausch + Lomb ULTRA® contact lenses with MoistureSeal® technology, on 327 current silicone hydrogel lens wearers. After 7 days of wear, subjects completed an online survey. Subjects rated performance across a range of attributes. Preference comparisons represent only those subjects expressing a preference. Ratio is based on the average across the silicone hydrogel lenses represented in the study.
*Among the leading silicone hydrogel lenses. Bausch + Lomb ULTRA and MoistureSeal are trademarks of Bausch & Lomb Incorporated or its affiliates. © 2015 Bausch & Lomb Incorporated. News Media Contacts Laurie Little SVP, Investor Relations (949) 461-6002 or firstname.lastname@example.org
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