Valeant Pharmaceuticals International has signed an agreement to acquire Dermik, a dermatology unit of Sanofi in the U.S. and Canada, for approximately $425 million. Dermik’s portfolio includes therapeutic and aesthetic dermatology brands such as Benzaclin for the treatment of acne, Carac for the treatment of keratoses, and Sculptra, a facial injectable for the correction of facial wrinkles and folds.
The acquisition includes worldwide rights to Sculptra Aesthetic (injectable poly-L-lactic acid) and Sanofi’s Laval, Canada site, a manufacturing facility that currently produces approximately 70 formulations and more than 200 presentations of tablets, capsules, non-sterile liquids, ointments and creams for both Sanofi and third parties. Total 2010 revenues were approximately $240 million. The transaction, subject to certain closing conditions, is expected to be accretive in 2011.
“We are pleased to add another strong dermatology franchise to our growing operations in the U.S. and Canada,” said J. Michael Pearson, chairman and chief executive officer. ”Dermik’s assets, both in the medical and aesthetic therapeutic areas, provide us with exciting opportunities to leverage our combined portfolios in our current markets as well as options to expand Valeant’s presence to other territories. Furthermore, the manufacturing facility will provide increased capacity for our future growth initiatives.”