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news.Valeant Pharmaceuticals International has agreed to sell its business operations located in western Europe, eastern Europe including Russia, and certain export markets to Sweden-based specialty pharmaceutical company Meda.
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Under the terms of the agreement, Meda will pay $392 million in cash for the Valeant subsidiaries in those markets, and the rights to all products and licenses currently marketed by Valeant in the divested region.
Excluded from this transaction are Valeant’s central European operations, defined as the business in Poland, Hungary, Slovakia and Czech Republic.
The transaction is subject to customary closing conditions including anti-trust review. Goldman, Sachs & Co served as financial advisor to Valeant and Skadden, Arps, Slate, Meagher & Flom provided legal advice.
Michael Pearson, chairman and CEO of Valeant, said: “We are very pleased to be able to accomplish one of our six strategic initiatives this early in the process and believe we have executed a mutually advantageous transaction with Meda.”