Valeant Pharmaceuticals buys Medicis for US$2.6 billion
by Canadian Manufacturing Daily Staff
Acquisition bolsters Valeant's presence in prescription skin care market.
MONTREAL and SCOTTSDALE, Ariz.— In a move to increase its portfolio of skin care products, Valeant Pharmaceuticals International Inc. announced today it will acquire Medicis Pharmaceutical Pharmaceutical Corporation for US$2.6 billion.
“The acquisition of Medicis represents a significant next step in our journey to become the leader in dermatology by strengthening Valeant’s presence in acne, actinic keratosis, aesthetic injectables and anti-virals, among others,” said J. Michael Pearson, Valeant’s chairman and CEO.
“Medicis’ highly complementary portfolio of leading branded products and promising pipeline is a solid strategic fit, and we look forward to leveraging Medicis’ well-known and respected name in dermatology to drive long-term growth.”
It is anticipated Medicis’ dermatology and aesthetics businesses combined will yield more than US$1.2 billion in profits in 2012 in the US alone.
The combined dermatology operations will be located in Scottsdale, with research and development in Laval, Que., Scottsdale and Petaluma, Calif.
Valeant Canada’s corporate headquarters are located in Montreal; its manufacturing facilities are located in Montreal and Steinbach, Man.