Valeant and Biovail Agree to Merge

Skadden is representing Valeant in its proposed merger with Biovail, Canada's largest publicly traded pharmaceutical company. The two specialty pharmaceutical companies currently have a combined market cap of nearly $6 billion. The name of the company following the merger will be Valeant Pharmaceuticals International, Inc. The transaction, announced June 21, is subject to customary conditions and is expected to close by the end of the year.