$425M Dermik buy broadens Valeant’s dermatology business
Valeant Pharmaceuticals International Inc. is adding to its dermatology business with the acquisition of Dermik, a dermatology unit of Sanofi, for $425 million.
MISSISSAUGA, Ont.: Valeant Pharmaceuticals International Inc. is adding to its dermatology business with the acquisition of Dermik, a dermatology unit of Sanofi, for $425 million.
Valeant, a global pharmaceutical company based in Mississauga, picks up the Dermik brands, including Benzaclin, Carac and Sculptra, $18 million worth of inventory and a manufacturing plant in Laval, near Montreal. The facility produces approximately 70 formulations and more than 200 tablets, capsules, non-sterile liquids, ointments and creams for Sanofi products and third parties.
Total 2010 revenue for the company, including contract manufacturing, is $240 million.
“Dermik’s assets, both in the medical and aesthetic therapeutic areas, provide us with exciting opportunities to leverage our combined portfolios in our current markets as well as options to expand Valeant’s presence to other territories,” said Michael Pearson, Valeant’s chairman and CEO.
“Furthermore, the manufacturing facility will provide increased capacity for our future growth initiatives in the US and Canada.”
Paris-based Sanofi said it divested the dermatology business to “further concentrate on its growth platforms,” said a company statement.
Christopher Viehbacher, Sanofi’s CEO said: “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 benefit from Valeant’s stronger presence in dermatology.”