Valeant Pharmaceuticals & Metabasis Therapeutics Close Licensing Deal with Schering-Plough Corporation

ALISO VIEJO, Calif. & SAN DIEGO--(BUSINESS WIRE)--Jan 11, 2007 - Valeant Pharmaceuticals International (NYSE:VRX) and Metabasis Therapeutics, Inc. (Nasdaq:MBRX) today announced that their agreement with Schering-Plough Corporation (NYSE:SGP) for the assignment and license of development and commercial rights to pradefovir has closed. The close follows the early termination by the U.S. Federal Trade Commission of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.

About Valeant:

Valeant Pharmaceuticals International (NYSE:VRX) is a global specialty pharmaceutical company that develops, manufactures and markets products primarily in the areas of neurology, infectious disease and dermatology. More information about Valeant can be found at www.valeant.com.

About Metabasis (www.mbasis.com):

Metabasis Therapeutics is a biopharmaceutical company focused on the discovery, development and commercialization of novel drugs to address some of the world's most widespread and costly chronic diseases. The Company has established a pipeline that includes clinical stage and preclinical product candidates targeting major diseases with significant unmet medical needs. Targeted diseases include metabolic diseases such as diabetes, hyperlipidemia and obesity as well as liver diseases such as hepatitis and primary liver cancer. Metabasis has developed several proprietary technologies for use in discovering and optimizing drugs, including the NuMimetic(TM) and HepDirect(R) technologies. Metabasis is continuing to identify and develop new product candidates using its proprietary technologies and expertise.

Contact

Valeant Pharmaceuticals
Jeff Misakian, 949-461-6184
or
Metabasis Therapeutics
Connie Bienfait, 858-622-5575

Posted: January 2007


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