Valeant Pharmaceuticals International Inc. says it has agreed to acquire a specialty pharmaceutical company in Russia for $180-million.
The Mississauga, Ont.-based company said Monday it has signed an agreement to buy Natur Produkt International, JSC for $180-million, with the potential for an additional $5-million in future milestones.
It says the company has a "significant" presence in the over-the-counter drug segment in several categories with drugs marketed under the Natur Produkt brand.
Its key brands include AntiGrippin, a leading cough and cold remedy, Anti Angin, Sage and Eucaplyptus MA brand names, leading sore throat remedies.
Valeant said revenue at the company it is set to buy totalled $65-million in 2011 and it is expected to deliver double digit growth this year.
The deal is expected to close by mid-2012.
"We are pleased to add a leading consumer franchise to our growing operations in Russia," said Michael Pearson, Valeant's chairman and chief executive officer.
"Not only is the OTC market very attractive in Russia due to the self-pay element, but it is also one of the fastest growth components of the Russian healthcare system.
Valeant Pharmaceuticals International is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products focused in neurology, dermatology and branded generics.