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news.A Switzerland-based branded generics and over-the-counter (OTC) pharmaceutical company, PharmaSwiss will be taken over by Valeant Pharmaceuticals International, under a binding agreement signed between the companies.
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Upon closing, PharmaSwiss is expected to have approximately EUR38m cash on hand and no debt.
Following the acquisition, the senior management team of PharmaSwiss will remain with Valeant Pharma, including both the founder-partners, as well as Pavel Mirovsky, CEO of PharmaSwiss.
Over time, it is anticipated the Valeant Pharma business in Central Europe will be combined under the PharmaSwiss corporate structure, based in Zug, Switzerland.
The transaction, which is subject to customary closing conditions, including certain regulatory approvals, is expected to close in the first or second quarter of 2011 and to be immediately accretive to Valeant Pharma.
Valeant Pharma CEO Michael Pearson said PharmaSwiss has an attractive partnering strategy as well as a complementary branded generics and OTC product portfolio that will strengthen their presence in the region.