Valeant Pharmaceuticals agreed to purchase Sanofi's Dermik dermatology unit, located in Laval Canada, for a reported $425 million. The facility produces 70 formulations that accounted for revenues of $240 million in 2010. That revenue figure also includes contract manufacturing work. The acquisition bolsters Valeant's dermatology portfolio.
"We are pleased to add another strong dermatology franchise to our growing operations in the US and Canada. Furthermore, the manufacturing facility will provide increased capacity for our future growth initiatives," said Michale Pearson, Valeant chairman and CEO.
Sanofi CEO Chris Viehbacher said the dermatology business will now receive more focus at Valeant and that Sanofi will be able to focus its attention more on other key elements of its pipeline.
Posted by Bruce Lehr July 11th 2011.