ALISO VIEJO, Calif., Dec. 7 Valeant Pharmaceuticals International (NYSE: VRX), today announced that its wholly owned subsidiary, Valeant Canada Limited, has agreed to acquire Laboratoire Dr. Renaud, a leading cosmeceutical company located in Laval, Quebec, Canada for approximately C.$23 million. As part of the transaction, Valeant will also enter into a lease for a state-of-the-art, 45,000 square foot facility that includes a manufacturing plant completed in 2007 specializing in topical formulations. Laboratoire Dr. Renaud currently has annualized sales of approximately C$11 million and the transaction is expected to be accretive in 2010. The transaction is subject to customary closing conditions and is expected to occur before the end of the year.
"This acquisition is part of our continued efforts to build a leading dermatology business by adding respected brand names in our select regions," said J. Michael Pearson, chairman and chief executive officer. "Laboratoire Dr. Renaud enjoys a high degree of loyalty from esthetic clinics and spas and we believe that Valeant will gain immediate entree into the cosmeceutical market in Canada. With exclusive access to a world class topical manufacturing plant and a successful sales and marketing infrastructure, we also have the ability to launch select U.S. dermatology products into Canada and further expand our reach in dermatology."
Valeant Pharmaceuticals International (NYSE: VRX) 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.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Valeant's efforts to build a leading dermatology business and the company's ability to enter into the cosmeceutical market in Canada and access esthetic clinics and spas and statements regarding the expected timing and consummation of the acquisition. 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.
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SOURCE Valeant Pharmaceuticals International