Chronology of Events

November 16, 2011 AFEXA MAILS INFORMATION CIRCULAR IN CONNECTION WITH ITS PRIVATIZATION
October 27, 2011 VALEANT ANNOUNCES TAKE-UP OF ADDITIONAL AFEXA SHARES AND SPECIAL MEETING OF SHAREHOLDERS OF AFEXA TO APPROVE ITS PRIVATIZATION
October 27, 2011 AFEXA ANNOUNCES ADDITIONAL TAKE-UP OF SHARES UNDER VALEANT OFFER AND SPECIAL MEETING OF SHAREHOLDERS TO APPROVE THE PRIVATIZATION OF AFEXA
October 18, 2011 VALEANT ANNOUNCES RESULTS OF FRIENDLY OFFER FOR AFEXA LIFE SCIENCES INC.
October 18, 2011 News Release – AFEXA ANNOUNCES TAKE-UP OF SHARES UNDER VALEANT OFFER
October 17, 2011 VALEANT - NOTICE OF EXTENSION
October 3, 2011 NOTICE OF VARIATION
October 3, 2011 Cover letter from Valeant mailed with Directors’ Circular
October 3, 2011 Notice of Change mailed with Directors' circular
October 3, 2011 Cover letter mailed with Directors' circular
October 3, 2011 Paladin Labs Advises That A Condition of Its Offer for Afexa Life Sciences CannotBe Fulfilled
September 30, 2011 AMENDMENT TO THE ACQUISITION SUPPORT AGREEMENT
September 30, 2011 News Release – VALEANT ANNOUNCES THAT AFEXA SUPPORTS AND RECOMMENDS VALEANT’S INCREASED OFFER AND AGREES TO CERTAIN AMENDMENTS TO SUPPORT AGREEMENT
  • Valeant’s increased offer is C$0.85 per Afexa common share
  • Offer no longer subject to a minimum tender condition, comparable to Paladin's no minimum tender condition, providing greater certainty of completion
  • Break up fee increased from C$3.75 million to C$4.5 million, which is proportional to the increase in aggregate purchase price under Valeant's offer
September 30, 2011 News Release: Afexa Provides Recommendation That Shareholders Accept the Increased Valeant Offer
September 28, 2011 News Release: Afexa provides update on takeover offers and ASC decision on Shareholder Rights Plans
September 26, 2011 News Release: Paladin Labs Confirms Enhanced $0.81 per Share Offer to Acquire Afexa Life Sciences
September 26, 2011 ASC Order Cease Trading the Shareholder Rights Plan Effective September 30, 2011
September 26, 2011 News Release – VALEANT PHARMACEUTICALS INTENDS TO RAISE OFFER FOR AFEXA LIFE SCIENCES INC. TO $0.85 PER SHARE
  • Increased offer subject to Afexa’s agreement to certain amendments to support agreement
  • Represents a premium over Paladin Labs’ most recent offer
September 25, 2011 Paladin Labs Announces Proposed Increased Offer to Acquire Afexa Life Sciences for $0.81 per Share
Increased offer will be made upon cease-trade of Afexa Rights Plans - 14% premium to the Valeant bid - Choice of $0.81 in cash or 0.0217 of a Paladin share per Afexa share - Offer remains for any and all Afexa shares - Minimal and customary conditions
September 22, 2011 News Release: Afexa’s response to Paladin’s announced intention to enhance its takeover offer for Afexa
September 22, 2011 News Release: Paladin Announces Intention to Enhance Offer for Afexa “in the event that Afexa’s two shareholder rights plans are waived by Afexa or cease-traded by the ASC”
September 15, 2011 Paladin extends expiry of its takeover offerof Afexa until 8:00 p.m. ET on September 28, 2011
September 9, 2011 Valeant News Release regarding takeover bid
September 9, 2011 News Release:  Afexa mails circular in support of Valeant Offer and Appoints Interim CEO for transition
September 9, 2011 Afexa mails Directors’ Circular recommending acceptance of Valeants’ offer
September 9, 2011 Cover letter mailed with Directors’ circular
September 9, 2011 Valeant mails takeover bid circular to Afexa shareholders
September 9, 2011 Cover letter from Valeant mailed with Directors’ Circular
August 30, 2011 News Release: Afexa agrees to support an offer by Valeant Pharmaceuticals; definitive acquisition support agreement
August 30, 2011 Valeant announces all-cash offer to acquire Afexa
August 30, 2011 Acquisition Support Agreement filed on SEDAR
August 23, 2011 News Release: Afexa’s Board unanimously confirms previous recommendation that shareholders reject Paladin’s unsolicited offer.  “Take No Action”
August 22, 2011 Afexa mails Directors’ Circular recommending Rejection of Paladin Offer (mailed Aug 25)
August 22, 2011 Cover letter for Directors’ Circular (Mailed Aug 25)
August 19, 2011 Chairman’s letter to shareholders; “Paladin offer significantly undervalues Afexa’s business”
August 10, 2011 Paladin Offer to Purchase Circular Mailed to Afexa Shareholders
August 10, 2011 News Release: Afexa Responds to Unsolicited Bid; significantly undervalues Afexa’s business.  Special Committee of the Board formed to review the offer.  Shareholders urged to not take any action until the Board has completed its full review and consideration of the Offer.
August 10, 2011 Paladin News Release announcing hostile takeover bid of Afexa; offering shareholders $0.55 per common share
July 18, 2011 News Release: Afexa comments on Paladin announcement that it has purchased 14.94% of Afexa’s total issued and outstanding common shares for a total ownership representing 15,421,300 common shares
July 15, 2011 Paladin announces purchase of Afexa shares; 14.94% of total issued and outstanding shares