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Valeant nabs Australian skin care

This article was originally published in The Rose Sheet

Executive Summary

Aliso Viejo, Calif.-based Valeant Pharmaceuticals International announces agreement to buy skin-care firm Private Formula International Holdings Pty Limited for approximately $69 million. With deal Valeant gains global rights to top-selling Australian skin-care line Dr. LeWinn's, new anti-aging Hissyfit products, and nail-strengthener line Revitanail, called Renunail in the U.S. and U.K. Dr. LeWinn's has distribution in more than 2,500 pharmacies and annual sales of $27 million. Valeant will issue 162,500 shares of its common stock as part of the deal, which will be escrowed for four years subject to Valeant indemnity claims. "The acquisition will allow Valeant Australia to become a leading dermatology company in Australia with brands that are complementary to our current portfolio and will dramatically increase our presence in the pharmacy over-the-counter channel," stated Valeant Chair and CEO J. Michael Pearson. The transaction is expected to close in early October. Valeant has expanded its dermatology holdings through recent acquisitions of Dow Pharmaceutical Sciences and Coria Laboratories (1"The Rose Sheet" April 13, 2009; 2"The Rose Sheet" Sept. 22, 2008)
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