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Valeant acquires dermatology portfolio and speciality products from Valeo

The head office and logo of Valeant Pharmaceutical are pictured in Montreal on Monday May 27, 2013.


Valeant Pharmaceuticals International said Monday that it has acquired a dermatology portfolio of drugs and several speciality products from Valeo Pharma for $25.3-million.

Quebec-based Manitex Capital Inc., which owns 40 per cent of subsidiary Valeo Pharma, said $18.3-million will be paid in cash and the balance will be paid over a period of three years.

Valeant said the acquisition by its Canadian subsidiary Valeant Canada is complementary to its current product offerings.

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Valeant Canada's recent acquisitions include Dermik, Medicis, Obagi, Bausch & Lomb, Solta Medical and Pro-Derma.

Valeant Pharmaceuticals is in the midst of a hostile takeover fight for U.S. drug maker Allergan Inc., the maker of Botox.

Allergan has repeatedly rejected Valeant's offers to buy the company, the latest for about US$53-billion in cash and stock.

Manitex Capital says the deal will allow Valeo Pharma to focus on product development, acquisitions, in-licensing and commercialization efforts on other specialty therapeutic areas and rare diseases.

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