Under the agreement, Valeant will acquire 87.2% of the outstanding shares of Sanitas, with at least 82.6% of the outstanding shares required to be delivered at closing.
Sanitas has a range of branded generics product portfolio consisting of 390 products in nine countries throughout Central and Eastern Europe, primarily Poland, Russia and Lithuania.
The company has in-house development capabilities in dermatology, ophthalmology and hospital injectables and also a pipeline of internally developed and acquired dossiers.
Valeant chairman and CEO Michael Pearso said the acquisition of Sanitas should provide Valeant with an exciting opportunity to expand their European branded generics product portfolio with dermatology and hospital injectable compounds that have a strong track record of growth and profitability.
"With 80% of the Sanitas portfolio consisting of non-reimbursed products with limited exposure to government pricing pressures, Valeant will be in a key position to continue our expansion into Central and Eastern Europe," Pearso said.