PARIS, July 11, 2011 /PRNewswire/ — Sanofi (EURONEXT: SAN and
NYSE:
SNY) announced today the strategic divestiture of its
dermatology business, Dermik, to Valeant Pharmaceuticals
International Inc. (NYSE/TSX: VRX) (“Valeant”), for a total cash
consideration of US $425 million. Valeant is a pharmaceutical
company focused on the neurology and dermatology therapeutic areas,
based in Mississauga, Ontario, Canada.
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Dermik has a significant presence in the medical dermatology
market in the United States and Canada with a strong field force
and well-known brands. Dermik’s portfolio includes leading
therapeutic and aesthetic dermatology brands such as BenzaClin®
for the treatment of acne, Carac® for the treatment of
keratoses and Sculptra®, a facial injectable for the correction
of facial wrinkles and folds.
The scope of this transaction includes Dermik assets, which
consist of an aesthetic and therapeutic business in the United
States and Canada, as well as an aesthetic business around the
world with sales of US $206 million in 2010. Also included in the
scope is Sanofi’s Laval, Canada site, which includes Dermik’s
manufacturing facility. Sanofi’s Canadian affiliate,
sanofi-aventis Canada, will maintain its operations in greater
Montreal.
Sanofi decided to divest its dermatology business with the
intention to further concentrate on its growth platforms. Sanofi
believes that Dermik will benefit from being part of a larger
dermatology business.
Commenting on the agreement, Christopher A. Viehbacher, Chief
Executive Officer of Sanofi, said: “Our strategy is based upon
our growth platforms and innovation. This divestiture allows us to
rationalize our portfolio and improve focus on our core businesses.
Our manufacturing operations in Laval and our field operations
teams will
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