On November 12, 2003 ICN Pharmaceuticals, Inc. (NYSE: ICN) reported that the company has changed its name to
Valeant Pharmaceuticals International to reflect its transformation into an integrated, global specialty pharmaceutical company (Press release, ICN Pharmaceuticals, NOV 12, 2003, View Source [SID:1234513525]). The name change, effective immediately, will be implemented worldwide. The company will continue to be listed on the New York Stock Exchange. Its trading symbol will change to VRX effective with the start of trading on November 14, 2003.

"Our new name embodies the core principles that underpin this newly invigorated pharmaceutical company," said Robert W. O’Leary, Valeant’s Chairman and Chief Executive Officer. "In recent months, our company has been entirely rebuilt — and reenergized — to reflect the principles and qualities of our people."

Timothy C. Tyson, Valeant’s President and Chief Operating Officer, noted, "Valeant has made rapid strides in the past year-and-a-half under a new management team that has laid out a strategic vision for the company and implemented major changes in product management, research and development, corporate governance and business development. Our new name represents our focus on value and supports our vision to be a leading, fully integrated specialty pharmaceutical company with a robust research and development capability and a worldwide capacity to commercialize products."

In recent months, the company has:
— Launched a new strategic direction focused on specialty pharmaceuticals, and divested non-core businesses;

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

— Implemented a business plan centered on nine global brands in three key therapeutic areas and 10 major markets, which are expected to drive top-line growth;

— Executed a new global manufacturing strategy, including a rationalization plan that involves selling eight of the company’s 13 remaining manufacturing facilities, and is expected to generate cumulative savings over five years of $150 – $200 million;

— Repurchased the outstanding shares of Ribapharm, Inc. held by the public to provide a research and development infrastructure to support our vision and future growth;

— Achieved a significant reduction in corporate expenses with more than $21 million in cost savings already in place; and,

— Restructured and invigorated board committees, implemented major corporate governance initiatives and instituted an employee code of conduct.

The name change will be officially announced today at an event for Valeant employees at the company’s headquarters in Costa Mesa, Calif., along with announcements at the company’s facilities around the world, and advertisements in The Wall Street Journal, Financial Times, The New York Times, Pharmaceutical Executive and MedAd News. New signage was unveiled at the company’s headquarters this morning. The company’s new Web site, www.valeant.com, will also be launched today.