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news.Valeant Pharmaceuticals International, a multinational specialty pharmaceutical company, has signed a definitive agreement to acquire Coria Laboratories, a specialty pharmaceutical company focused on dermatology products in the US.
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Under the terms of the agreement, Valeant will purchase all of the outstanding shares of Coria from its parent company, DFB Pharmaceuticals, and other shareholders for $95 million, subject to certain adjustments.
The transaction is expected to close following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended. This transaction is said to expand Valeant’s business in the US and enhance the company’s dermatology franchise through the acquisition of key products which complement its current portfolio.
The Coria transaction will add several marketed dermatology products, including the CeraVe skin care line, Cloderm cream for the treatment of dermatoses, Akne-Mycin and Atralin for the treatment of acne, and Salex for the treatment of hyperkeratotic skin disorders, as well as Tetrix cream for the treatment of hand dermatitis which is expected to be launched later in 2008. In addition, Coria has several products under development, including line extensions for the CeraVe brand product line.
Michael Pearson, chairman and CEO of Valeant, said: “The acquisition of Coria provides Valeant with access to a unique product portfolio, which includes both prescription and over the counter products, additional pipeline opportunities for the future and a talented dermatology workforce. With the identified synergies between the two companies, we expect this transaction will be accretive to our earnings in 2009.”