Valeant Pharmaceuticals has signed a definitive agreement to acquire Coria Laboratories, Ltd., a specialty pharmaceutical company focused on dermatology products in the U.S., for $95 million. This acquisition expands Valeant’s U.S. business and adds to its dermatology franchise with the acquisition of several products, for which annual sales are approximately $40 million. Coria was owned by DFB Laboratories, which also owns DPT Laboratories, a contract development and manufacturing organization (CDMO).
   
“Valeant is committed to growing our dermatology franchise and this acquisition is a key step in transforming this business in the U.S. and gaining the critical mass and profitability we need,” said J. Michael Pearson, chairman and chief executive officer of Valeant. “The acquisition of Coria provides Valeant with access to a unique product portfolio, which includes both prescription and OTC products, additional pipeline opportunities for the future and a talented dermatology workforce. With the identified synergies between the two companies, we expect this transaction will be accretive to our earnings in 2009.”
  
The Coria transaction will add the following marketed dermatology products: CeraVe Skin Care Line, Cloderm Cream for the treatment of dermatoses, Akne-Mycin and Atralin for the treatment of acne, and Salex for the treatment of hyperkeratotic skin disorders, as well as Tetrix Cream for the treatment of hand dermatitis, which is expected to launch later this year. Coria also has several products under development, including line extensions for the CeraVe brand product line.