Valeant Pharmaceuticals International (VRX) Completes Acquisition Of Xcel Pharmaceuticals, Inc.
10/19/2005 5:12:53 PM
COSTA MESA, Calif.--(BUSINESS WIRE)--March 1, 2005--Valeant Pharmaceuticals International (NYSE:VRX) today announced that it has completed its acquisition of Xcel Pharmaceuticals, following the early termination by the U.S. Federal Trade Commission of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976.
Timothy C. Tyson, Valeant's President and Chief Executive Officer, said, "Our teams moved rapidly to complete this transaction. The acquisition of Xcel is expected to expand our business in the United States with $60 million in revenues from in-market products, significantly accelerate the growth of our neurology franchise with a highly-specialized sales force, and add retigabine, a novel Phase 3 compound with significant market potential, to our pipeline."