Valeant to acquire dermatology company
15 December 2008 00:00 in Medical Company Financials
Valeant has said it has signed a definitive agreement to acquire Dow Pharmaceutical Sciences.
Under the terms of the acquisition, Valeant will pay Dow $285 million (190 million pounds), subject to certain closing adjustments.
The resulting transaction is expected to be accretive in 2009 and Valeant will pay for future milestones, based on the achievement of approval and commercial targets for certain pipeline products that are still in development.
J Michael Pearson, chairman and chief executive officer at Dow, said: "This acquisition grows our scale and capabilities in dermatology thus solidifying Valeant's future as a leading company in the development and commercialisation of dermatology medications."
He added the company is "excited" to be joining Valeant, as the partnership will bring the two organisations "sustainable growth for many years to come".
Last month, Valeant reported the results of an end of treatment, week 48 analysis point in a phase IIb clinical trial of antiviral compound taribavirin.
The study found "comparable reductions" in viral load for weight-based doses of the products.
Founded in 1960, Valeant employs approximately 2,600 people.
Its revenues in 2007 were $872.2 million, of which $785.8 million was from product sales and $86.5 million was from ribavirin royalties.
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