Valeant Pharmaceuticals International Buys Brazilian Generic Drugmaker for $28 Million
"We are excited to advance our dermatology presence in the Brazilian market, which is one of the leading dermatology markets worldwide," stated J. Michael Pearson, chairman and chief executive officer. "This acquisition gets us closer to building the critical mass we need in the Brazilian pharmaceutical market. The new state of the art manufacturing plant will allow us to close our current subscale manufacturing facility and eliminates the need for any third party manufacturers – the combination of which should allow us to significantly improve margins."
About Valeant
Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, including, but not limited to, statements regarding the consummation of the transactions, the potential for Valeant to build its regional franchises, the ability to build critical mass in Brazil, the reduction of dependence on third party manufacturers, the ability to improve Valeant's margins and the impact of the acquisition on Valeant's results of operation. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the company's most recent annual or quarterly report filed with the U.S. Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
Contact: Laurie W. Little Valeant Pharmaceuticals 949-461-6002 laurie.little@valeant.com