Skadden Reps Valeant In $3.2B Biovail Merger

Law360, New York (June 21, 2010, 5:00 PM EDT) -- Canada's Biovail Corp. agreed Monday to merge with California-based Valeant Pharmaceuticals International Inc. to form a new pharmaceutical giant under the Valeant name in a stock-and-cash deal worth more than $3.2 billion.

The boards of directors of both companies unanimously signed off on the definitive merger agreement, which calls for Valeant shareholders to receive a one-time special cash dividend of $16.77 and 1.7809 shares of Biovail stock for each share of Valeant common stock they have when the deal closes.

Biovail's stock closed at $14.60 on...
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