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The Globe and Mail

Valeant buys minority stake in Brazilian company

Valeant Pharmaceuticals International Inc. said it acquired a 19.9-per-cent stake in a Brazilian research company which is focused on tissue regeneration, for less than $10-million.

The Canadian drug maker has been increasing revenue, mostly through acquisitions, since Biovail Corp., Canada's largest publicly owned pharmaceutical company, took over U.S.-based Valeant and assumed the Valeant name in September, 2010.

Valeant said it will have representation on Sao Paulo, Brazil-based Pele Nova Biotecnologia SA's board.

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Pele Nova produces active ingredients and skin products.

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