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news.Valeant Pharmaceuticals, a developer, manufacturer and marketer of neurology and dermatology products, has reported that its wholly owned subsidiary, Valeant Canada, has signed an agreement to acquire an over-the-counter (OTC) dermatology company Vital Science for approximately CND10.5m.
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Michael Pearson, chairman and CEO of Valeant Pharma, said: “Combining another dermatology company with the Renaud portfolio we acquired last year is another step in our Canadian strategy.
“Vital Science’s established brands such as Dermaglow and Heiko, along with its distribution network in the Canadian retail channel, will enhance our current portfolio of products while providing us with the ability to more broadly promote our US consumer brands such as CeraVe and Kinerase in the Canadian marketplace.
“We look forward to continuing to actively support the promotion of dermaglow and Heiko in the Canadian market as well as select international geographies.”
Vital Science said that the transaction is expected to be accretive in 2010 which is subject to certain closing conditions and is expected to close in the second quarter.