Last month, Valeant CEO Michael Pearson was briefly in hot pursuit of Cephalon until Teva swooped in to make the purchase. Undeterred (apparently), Pearson and his company Valeant have consumated a deal with Lithuania's AB Sanitas for EU 314 million in cash.
In the deal, Valeant picks up a range of branded generics (about 390 products) marketed to nine countries in Central and Eastern Europe -- including Poland, Russia and Lithuania. Valeant also picks up some development assets from Sanitas and its pipeline. In the past, Pearson has spoken openly about his relative disdain for R&D and a desire to acquire late stage or commercial drugs.
"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," said Pearson. See PBR.
Posted by Bruce Lehr May 24th 2011.