MISSISSAUGA, Ontario, July 11, 2011 /PRNewswire/ — Valeant
Pharmaceuticals International, Inc. (NYSE:
VRX and TSX: VRX) announced today that Valeant and its
subsidiary, Valeant International (Barbados) SRL (VIB), have signed
an agreement to acquire Dermik, a dermatology unit of Sanofi
(EURONEXT: SAN and NYSE:
SNY) in the U.S. and Canada, as well as the worldwide* rights
to Sculptra® Aesthetic (injectable poly-L-lactic acid).
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.
Valeant will pay Sanofi approximately $425 million for all
Dermik assets, including available inventories of approximately $18
million, which consist of an aesthetic and therapeutic business in
the United States and Canada, as well as a widely dispersed
aesthetic business around the world. Also included in the scope is
Sanofi’s Laval, Canada site, which includes Dermik’s
manufacturing facility that currently produces approximately 70
formulations and over 200 presentations of tablets, capsules,
non-sterile liquids, ointments and creams for both Sanofi products
as well as 3rd parties. Total 2010 revenues including
contract manufacturing revenues are approximately $240
million. The transaction is subject to certain closing
adjustments and regulatory approvals, including the termination or
expiration of Hart-Scott-Rodino waiting period, and is expected to
be accretive in 2011.
“We are pleased to add another strong dermatology franchi
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