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news.Valeant Pharmaceuticals, a developer, manufacturer and marketer of a range of pharmaceutical products primarily in the areas of neurology, dermatology and branded generics, has agreed to take over Afexa Life Sciences for around C$76m.
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As per the terms of the deal, holders of Afexa common shares will receive C$0.71 in cash per common share.
Valeant chairman and CEO Michael Pearson said Afexa’s franchise of consumer brands, including COLD-FX, Canada’s over the counter (OTC) cold and flu treatment, will be a solid addition to their developing OTC product portfolio in Canada.
"Afexa’s product line, combined with our portfolio from VitalScience, including dermaglow, and our recent Canadian launch of CeraVe, will provide the critical mass we need in the OTC market and should provide Valeant Canada with another platform for growth," Pearson said.