Skip to main content

The Globe and Mail

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.

Ryan Remiorz/THE CANADIAN PRESS

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.

Story continues below advertisement

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.

Report an error
Comments

The Globe invites you to share your views. Please stay on topic and be respectful to everyone. For more information on our commenting policies and how our community-based moderation works, please read our Community Guidelines and our Terms and Conditions.

We’ve made some technical updates to our commenting software. If you are experiencing any issues posting comments, simply log out and log back in.

Discussion loading… ✨