Valeant Pharmaceuticals
This article was originally published in The Rose Sheet
Executive Summary
Firm will enter into lease for "state-of-the-art, 45,000-square-foot facility that includes a manufacturing plant completed in 2007 specializing in topical formulations" as part of its acquisition of Canadian cosmeceutical maker Laboratoire Dr. Renaud. Valeant Canada Limited will pay approximately $21.69 mil. for the company, which posts annual sales of roughly $10.37 mil., in deal expected to close before year-end. Transaction is expected to be accretive in 2010, according to Dec. 7 release. "This acquisition is part of our continued efforts to build a leading dermatology business by adding respected brand names in our select regions," states Valeant Chairman and CEO J. Michael Pearson. Dr. Renaud "enjoys a high degree of loyalty from esthetic clinics and spas, and we believe that Valeant will gain immediate entrée into the cosmeceutical market in Canada," Pearson adds. Aliso Viejo, Calif.-based Valeant, which markets Kinerase skin care, picked up Private Formula International in October for roughly $69 million, giving it a dominant market presence in Australia (1"The Rose Sheet" Oct. 5, 2009)