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COSTA MESA - 05/23/06 - Valeant Pharmaceuticals International has sold its manufacturing facility in Warsaw, Poland to Strides Polska Sp. z o.o.

"The Warsaw plant sale is another step forward in the execution of our manufacturing improvement plan," said Timothy Tyson, president and chief executive officer, in a statement to the media.
 
"We continue to make excellent progress in the rationalization of our network, which we believe will assure the achievement of our goal to reduce cost of goods sold to 20-25 percent by 2008," he said.

Southern California-based Valeant develops, manufactures and markets pharmaceutical products primarily in the areas of neurology, infectious disease, and dermatology.

Details of the transaction were not disclosed.

The company was founded in 1960 and has more than 4,500 employees. It chalked-up $683 million in revenues in 2004 - $606 million from product sales and $77 million in royalties from sales of its Ribavirin brand.

Valeant has sales offices in 23 countries including Australia, Belarus, Canada, China, the Czech Republic, Germany, Hungary, Mexico, Russia, Singapore, Switzerland, and the United Arab Emirates.

The closure of the company's plant in Poland leaves the company with manufacturing facilities in five countries - Brazil, Canada, China, Mexico, Switzerland, and Puerto Rico.

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