Invalda AB - Notification on material event

AB Sanitas share sale and purchase agreement signed

Vilnius, Lithuania, 2011-05-24 08:00 CEST (GLOBE NEWSWIRE) -- AB Invalda and
other AB Sanitas shareholders, all together controlling 87,2% shares, on 23 May
2011, have signed a definitive share sale and purchase agreement for the sale
of their entire shareholding in AB Sanitas to Valeant Pharmaceuticals
International, Inc. (“Valeant”). 

Pursuant to the agreement, AB Invalda will sell 26.5% shareholdings in AB
Sanitas, in exchange of EUR 82.5-84 million (LTL 285-290.1 million), or
10-10.18 EUR (34.53-35.15 LTL) per share payable by Valeant. 

The share sale and purchase agreement includes the mechanism of the possible
price correction based on certain adjustments at closing, which is expected to
take place no later than 30th September 2011. 

The transaction is subject to certain conditions that must be satisfied before
its completion, including the approval of relevant competition authorities,
including Lithuania, Poland and possibly Ukraine. 

Taking into account share price adjustment mechanism set out in the agreement
signed on 24th October, 2008, (regarding sale of 20.3 % of the share capital of
AB Sanitas) total proceedings of AB Invalda from Sanitas shares will amount to
EUR 89.8-92.2 million (LTL 310-318.3 million) (based on the EUR/USD exchange
rate as of the agreement date). 

The preliminary net gain in the consolidated financial statements of AB Invalda
group and standalone financial statements of AB Invalda is approximately EUR
52.1-54.5 million (LTL 179.9-188.2 million) and EUR 58.1-60.5 million (LTL
200.5-208.8 million) respectively. 


         Darius Sulnis
         President
         Tel. +370 52734876
         darius@invalda.lt