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NEWS
6th May 2011 – Chantilly, Virginia
 
Chantilly Biopharma announces asset acquisition from Valeant Pharmaceutical International Inc.
Pharmaceutical Firm Signs 10-Year Deal at Avion Business Park
Chantilly, VA. May 6th. 2011 – Chantilly BioPharma, LLC. (“CBL”) announced today that it had entered into a transaction with a subsidiary of Valeant Pharmaceuticals International, Inc. (“Valeant”) to purchase certain assets relating to Valeant’s former facilities located in Chantilly, VA. The assets include certain research and development, packaging, and analytical equipment, as well as certain furnishings and other personal property. In addition, CBL also entered into a long-term lease with the landlord for the 80,000 square foot facility, and will operate this facility as a fully integrated specialty pharmaceutical manufacturing operation.

CBL also entered into a transaction with another subsidiary of Valeant for the assignment to CBL of such subsidiary’s rights, title and interest in certain intellectual property, which include over 50 patents and patent applications throughout the world and associated trademarks. CBL believes that the technologies associated with this intellectual property have a broad range of product applications in various therapeutic categories.

Subraman Cherukuri, the Chairman and CEO of Chantilly BioPharma LLC. said, “We are excited to have state of-the-art facilities of this quality and capability, and we plan to develop this facility as one of the quality global manufacturing sites for Specialty Pharmaceuticals. We expect to have the facility recommissioned and operational in the next 60 days. Once we are fully operational, we expect to have 200 personnel employed at the site.”

About Chantilly BioPharma, LLC.
Chantilly BioPharma, LLC. is a specialty pharmaceutical company, formed in conjunction with this acquisition, and focused on the development and commercialization of generic and branded pharmaceutical products into the Retail and Non-Retail Market Segments. Key to Chantilly BioPharma’s strategy will be the utilization of the acquired intellectual property to achieve superior solutions for our customers. In addition to the development and commercialization of its own products, Chantilly BioPharma will provide product development and production Lab Services, as well as Contract Manufacturing Services, including clinical and commercial production to third party Branded and Generic Pharmaceutical Companies.