Valeant Pharmaceuticals International, Inc. (NYSE: VRX) (TSX: VRX) today announced that it has entered into an agreement with Nestle S.A. to sell all rights to Restylane, Perlane, Emervel, Sculptra, and Dysport owned or held by Valeant for $1.4 billion in cash. Nestle expects to complete its acquisition of Galderma S.A. in July and would expect to operate the acquired assets through Galderma. The transaction is subject to customary closing conditions, including clearance or early expiration of the waiting period under the Hart-Scott-Rodino (HSR) Act and is not contingent upon a successful transaction with Allergan, Inc. We believe that this transaction is extremely attractive both to Valeant and Galderma, and dovetails well with our announced plans for a transaction with Allergan.