Singapore, Sept 19, 2008: Valeant Pharmaceuticals International has signed an agreement to acquire Coria Laboratories, a privately held specialty pharmaceutical company focused on dermatology products in the US.
This transaction significantly expands Valeant's business in the US and enhances the company's dermatology franchise through the acquisition of key products that complement its current portfolio. Current annualized net sales are approximately $40 million.
Under the terms of the agreement, Valeant will purchase all of the outstanding shares of Coria from its parent company, DFB Pharmaceuticals, Inc., and other shareholders for $95 million, subject to certain adjustments. The transaction is expected to close following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
"Valeant is committed to growing our dermatology franchise and this acquisition is a key step in transforming this business in the US and gaining the critical mass and profitability we need," said J. Michael Pearson, chairman and chief executive officer of Valeant. "The acquisition of Coria provides Valeant with access to a unique product portfolio, which includes both prescription and OTC products, additional pipeline opportunities for the future and a talented dermatology workforce. With the identified synergies between the two companies, we expect this transaction will be accretive to our earnings in 2009.”
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