0001341004-12-001199.txt : 20120918 0001341004-12-001199.hdr.sgml : 20120918 20120918172509 ACCESSION NUMBER: 0001341004-12-001199 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20120913 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120918 DATE AS OF CHANGE: 20120918 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Valeant Pharmaceuticals International, Inc. CENTRAL INDEX KEY: 0000885590 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: A6 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14956 FILM NUMBER: 121098113 BUSINESS ADDRESS: STREET 1: 4787 LEVY STREET STREET 2: MONTREAL CITY: QUEBEC STATE: A8 ZIP: H4R 2P9 BUSINESS PHONE: 514-744-6792 MAIL ADDRESS: STREET 1: 4787 LEVY STREET STREET 2: MONTREAL CITY: QUEBEC STATE: A8 ZIP: H4R 2P9 FORMER COMPANY: FORMER CONFORMED NAME: BIOVAIL Corp DATE OF NAME CHANGE: 20100416 FORMER COMPANY: FORMER CONFORMED NAME: BIOVAIL CORP INTERNATIONAL DATE OF NAME CHANGE: 19960522 8-K 1 vrx_8k.htm 8-K vrx_8k.htm
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of the earliest event reported): September 18, 2012 (September 13, 2012)
 
Valeant Pharmaceuticals International, Inc.
(Exact name of registrant as specified in its charter)
 
Canada
 
  
001-14956
 
  
98-0448205
 
(State or other jurisdiction of
incorporation)
 
  
(Commission File Number)
  
(IRS Employer
Identification No.

 
4787 Levy Street
Montreal, Quebec H4R 2P9
Canada
(Address of principal executive offices )
      
 
 
H4R 2P9
(Zip Code)
 
514-744-6792
(Registrant's telephone number, including area code)
 
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o  
Written communications pursuant to Rule 425 under the Securities Act (17 CAR 230.425)
 
o  
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CAR 240.14a-12)
 
o  
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CAR 240.14d-2(b))
 
o  
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CAR 240.13e-4(c))
 
 
 
 
 
 

 
Item 5.02       Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
 
Separation Agreement with Mr. De Silva
 
On September 13, 2012, Valeant Pharmaceuticals International, Inc. (the "Company") entered into a separation agreement with Rajiv De Silva (the "Separation Agreement"), pursuant to which Mr. De Silva will continue to serve as the Company's President and Chief Operating Officer, Specialty Pharmaceuticals, until January 15, 2013, upon which date his employment with the Company will terminate.   Under the Separation Agreement, and subject to him executing and not revoking a release of claims, Mr. De Silva will be eligible to receive incentive compensation payments in an aggregate amount of up to $1,600,000, depending upon the attainment of certain performance goals while he remains employed with the Company.  In addition, Mr. De Silva will be entitled to receive (also subject to the effectiveness of a release of claims) total separation and other payments in an aggregate amount of $2,237,000 and 12 months of benefit continuation; provided, that if performance share units previously granted to Mr. De Silva do not vest prior to January 15, 2013, the aggregate amount of such payments shall be increased to $4,737,000 and such performance units shall be cancelled.  The Separation Agreement also contains non-solicitation and non-disparagement covenants.  The foregoing description of the Separation Agreement is qualified in its entirety by reference to the Separation Agreement, which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2012.
 
On September 13, 2012, the Company issued a press release announcing the agreement with Mr. De Silva.  The press release is attached as Exhibit 99.1 and incorporated herein by reference.
 
Increase in Size of Board; Appointment of Mr. Schiller
 
On September 17, 2012, upon the recommendation of the Nominating and Corporate Governance Committee of the board of directors of the Company (the "Board"), the Board increased the size of the Board from ten to eleven members and appointed Howard B. Schiller a director of the Board.  Mr. Schiller's term as director commenced immediately upon his appointment and his current term as director will expire at the Company's 2013 annual shareholder meeting or upon his prior death, resignation, retirement or removal from office, whichever is earliest.
 
Mr. Schiller has been the Company's Executive Vice President and Chief Financial Officer since December 2011.  Mr. Schiller joined the Company following a 24-year career at Goldman Sachs.  From 2009 to 2010, Mr. Schiller was the chief operating officer for the Investment Banking Division of Goldman Sachs, responsible for the management and strategy of the business.  From 2003 to 2009, he was responsible for the global healthcare, consumer products, retail, industrial and natural resource businesses in the Investment Banking Division of Goldman Sachs.  During his 24 years at Goldman Sachs, Mr. Schiller advised large multinational companies on strategic transactions, financings, restructurings and leveraged buyouts.
 
Mr. Schiller is on the New York board of Teach for America and on the board of the Cancer Research Institute. He is also on the business advisory council of the University of Chicago Law School. Mr. Schiller received his BS in economics from the Wharton School at the University of Pennsylvania and his JD from the University of Chicago Law School.
 
There are no arrangements or understandings between Mr. Schiller and any other persons pursuant to which Mr. Schiller was selected as a director, and there have been no transactions since the beginning of the Company's last fiscal year, or are currently proposed, regarding Mr. Schiller that are required to be disclosed pursuant to Item 404(a) of Regulation S-K.
 
A copy of the press release, dated September 18, 2012, announcing the appointment of Mr. Schiller to the Board is filed as Exhibit 99.2 to this Current Report on Form 8-K and is incorporated herein by reference.
 

 
 
 

Item 9.01       Financial Statements and Exhibits.
 
(d) Exhibits
 
     
Exhibit No.
 
  
Description of Exhibit
 
99.1
 
  
Press Release, dated September 13, 2012, by Valeant Pharmaceuticals International, Inc. with respect to Mr. De Silva.
99.2
 
  
Press Release, dated September 18, 2012, by Valeant Pharmaceuticals International, Inc. with respect to Mr. Schiller.
 
 

 

 
2
 

 
SIGNATURES
 
     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
VALEANT PHARMACEUTICALS INTERNATIONAL, INC.
 
   
Date: September 18, 2012 
By:  
  
/s/ Robert Chai-Onn 
     
Robert Chai-Onn
     
Executive Vice President, General Counsel and Corporate Secretary
 

 

 
3
 

 
EXHIBIT INDEX
 
     
Exhibit No.
 
  
Description of Exhibit
 
99.1
 
  
Press Release, dated September 13, 2012, by Valeant Pharmaceuticals International, Inc. with respect to Mr. De Silva.
99.2
 
  
Press Release, dated September 18, 2012, by Valeant Pharmaceuticals International, Inc. with respect to Mr. Schiller.
 

 

 EX-99.1 2 ex99-1.htm EXHIBIT 99.1 - PRESS RELEASE DATED SEPTEMBER 13, 2012 ex99-1.htm
 
Exhibit 99.1
 
 
 
International Headquarters
4787 Levy Street
Montreal, Quebec, H4R 2P9
Phone: 514.744.6792
Fax: 514.744.6272


Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com


VALEANT PHARMACEUTICALS ANNOUNCES MANAGEMENT CHANGE
 
Montreal, Quebec — September 13, 2012 — Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) announced today that Rajiv De Silva, Valeant’s President and Chief Operating Officer of Specialty Pharmaceuticals, will be leaving the Company to pursue other interests. Mr. De Silva will remain with the Company through the remainder of the year, when the integration planning efforts related to its announced acquisition of Medicis Pharmaceutical Corporation (NYSE: MRX) are expected to have been completed.  Mr. De Silva will be a core member of the team leading these integration planning efforts. In addition, we expect that a number of Medicis executives would accept positions with Valeant after the acquisition has been completed.

“The Board of Directors and I appreciate the significant contributions Rajiv has made these past few years since joining me on this journey to create a new pharmaceutical operating model,” said J. Michael Pearson, chairman and chief executive officer.  “Under Rajiv’s leadership, we have become a leader in the U.S. dermatology space and transformed our operations in Canada and Australia. And although his leadership will be missed, the company has created and developed a strong management team with Rajiv’s assistance that I am confident will lead us successfully through this transition period and into the future.”

“The last four years at Valeant has been an extraordinary experience,” said Rajiv De Silva.  “It has been a privilege to work with Mike, other members of the management team, and the Board on this journey.”

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 , neurology and branded generics.  More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.

Caution Regarding Forward-Looking Information

This press release may contain forward-looking statements, including, but not limited to, statements regarding the integration of Valeant and Medicis, the timing of certain executives
 
 
 
 
 
 

 
remaining with Valeant or joining Valeant, and the operation of the specialty pharmaceuticals organization. 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.
 
 
 
###




 EX-99.2 3 ex99-2.htm EXHIBIT 99.2 - PRESS RELEASE DATED SEPTEMBER 18, 2012 ex99-2.htm
Exhibit 99.2
 
 
International Headquarters
4787 Levy Street
Montreal, Quebec, H4R 2P9
Phone: 514.744.6792
Fax: 514.744.6272



Contact Information:
Laurie W. Little
949-461-6002
laurie.little@valeant.com


VALEANT PHARMACEUTICALS APPOINTS
HOWARD SCHILLER TO BOARD OF DIRECTORS

Montreal, Quebec — September 18, 2012 — Valeant Pharmaceuticals International, Inc. (NYSE: VRX and TSX: VRX) today announced the appointment of Howard Schiller, Valeant’s chief financial officer, to its Board of Directors.
 
Howard Schiller joined Valeant as Executive Vice President and Chief Financial Officer in December 2011 after retiring from Goldman Sachs after a 24 year career. Howard was the chief operating officer for the Investment Banking Division responsible for the management and strategy of the business.  
 
Howard is on the New York board of Teach for America and on the board of the Cancer Research Institute. He is also on the business advisory council of the University of Chicago Law School. Howard received his BS in economics from the Wharton School at the University of Pennsylvania and his JD from the University of Chicago Law School.
 
“Since Howard joined Valeant, his valuable experience and sound counsel have been invaluable to both Valeant’s management team and the Board of Directors,” said J. Michael Pearson, chairman and chief executive officer. “Appointing him to our board is the next logical step and one I believe will benefit our shareholders.”
 
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, neurology and branded generics.  More information about Valeant Pharmaceuticals International, Inc. can be found at www.valeant.com.
 

###
 
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