Valeant Pharmaceuticals International Completes Tender Offer For Synergetics USA

PRESS RELEASE

LAVAL, Quebec

,

Oct. 15, 2015

/PRNewswire/ --

Valeant Pharmaceuticals International, Inc.

(NYSE: VRX) (TSX: VRX) ("Valeant") today announced the expiration of the tender offer (the "Offer") by a subsidiary of

Valeant Pharmaceuticals International

("VPI") to purchase all of the outstanding shares of

Synergetics USA, Inc.

(NASDAQ: SURG) ("

Synergetics

"), at a price per share of

$6.50

, net to the holder in cash (less any applicable withholding taxes and without interest), plus one contractual contingent value right ("CVR") per share, which represents the right to receive up to two contingent payments, if any, of up to

$1.00

in the aggregate net to the holder in cash (less any applicable withholding taxes and without interest) upon the achievement of certain specified milestones.

The Offer expired at

11:59 p.m.

New York City

time, on

October 14, 2015

. American Stock Transfer & Trust Company, LLC, the depositary for the tender offer, has advised that, as of the expiration of the Offer, a total of 18,271,479 shares had been tendered into and not withdrawn from the Offer, representing approximately 72.1% of

Synergetics'

outstanding shares. Additionally, the depositary has advised that an additional 2,978,556 shares had been tendered by notice of guaranteed delivery, representing approximately 11.8% of

Synergetics'

outstanding shares. The condition to the Offer that at least a majority of the outstanding shares of

Synergetics

common stock (on a fully diluted basis), not including shares tendered pursuant to procedures for guaranteed delivery and not yet delivered, be validly tendered and not properly withdrawn prior to the expiration of the Offer has been satisfied. Accordingly, all shares that were validly tendered and not properly withdrawn were accepted for payment and Valeant will promptly pay for all such tendered shares in accordance with the terms of the Offer. As a result of the tenders, Valeant will own a majority of the outstanding

Synergetics

shares (on a fully diluted basis), not including shares tendered pursuant to procedures for guaranteed delivery and not yet delivered, and expects to complete today the acquisition of

Synergetics

through a merger without a vote of

Synergetics

stockholders pursuant to Section 251(h) of the Delaware General Corporation Law.

As a result of the merger,

Synergetics

will become a wholly owned subsidiary of VPI. In the merger, each remaining share of

Synergetics

that was not validly tendered in the Offer will be cancelled and converted into the right to receive the same price per share of

$6.50

in cash (less any applicable withholding taxes and without interest) and one CVR, each without interest and less any applicable withholding taxes that was paid in the Offer. Following completion of the merger, the common stock of

Synergetics

will no longer be listed for trading on the

NASDAQ Capital Market

, which is expected to take effect as of the close of the market today.