ALISO VIEJO, Calif., Oct. 30 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International today announced that it has agreed to acquire the rights to several prescription and cosmetic dermatology products from a privately-held, Polish specialty pharmaceutical company. The products have approximately $8 million in annual sales and Valeant will acquire the rights to all products for approximately $18 million. A portion of the purchase price was paid upon signing and the remaining balance will be paid upon closing. The transaction is expected to close in the first quarter of 2010 and will be accretive to Valeant in 2010.
"We continue to focus our development efforts in building leading dermatology franchises in each of our select regions," stated J. Michael Pearson, chairman and chief executive officer. "This latest transaction adds new complementary prescription and cosmetic products to our current portfolio in Central Europe and fits in well with our existing infrastructure. In addition, the dermatology products will increase our visibility with the dermatologists in these markets."
About Valeant
Valeant Pharmaceuticals International (NYSE: VRX - News) 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 acquisition, the potential for Valeant to build its regional franchises 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