ALISO VIEJO, Calif., April 28, 2010 /PRNewswire via COMTEX/ --Valeant Pharmaceuticals International (NYSE: VRX) today announced that its wholly owned subsidiary, Valeant Canada Limited, has signed an agreement to acquire Vital Science Corp., a leading over-the-counter (OTC) dermatology company located in Toronto, Ontario, Canada for approximately C$10.5 million. Vital Science currently has annualized sales of approximately C$11 million and the transaction is expected to be accretive in 2010. The transaction is subject to certain closing conditions and is expected to close in the second quarter.
"Combining another attractive dermatology company with the Dr. Renaud portfolio we acquired last year is another significant step in our Canadian strategy," said J. Michael Pearson, chairman and chief executive officer. "Vital Science's established brands such as dermaglow(R) and Heiko, along with its strong distribution network in the Canadian retail channel, will enhance our current portfolio of products while providing us with the ability to more broadly promote our U.S. consumer brands such as CeraVe and Kinerase in the Canadian marketplace. We look forward to continuing to actively support the promotion of dermaglow(R) and Heiko in the Canadian market as well as select international geographies."
Valeant Pharmaceuticals International (NYSE: VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at http://www.valeant.com/.
This press release may contain forward-looking statements, including, but not limited to, statements regarding Valeant's efforts to build a dermatology business and the company's ability to more broadly promote consumer brands such as CeraVe and Kinerase in the Canadian marketplace and statements regarding the expected timing and consummation of the acquisition. Forward-looking statements may be identified by the use of the words "anticipates," "expects," "intends," "plans," "should," "could," "would," "may," "will," "believes," "estimates," "potential," or "continue" and variations or similar expressions. These statements are based upon the current expectations and beliefs of management and are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, risks and uncertainties discussed in the company's most recent annual or quarterly report filed with the U.S. Securities and Exchange Commission, which factors are incorporated herein by reference. Readers are cautioned not to place undue reliance on any of these forward-looking statements. Valeant undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect actual outcomes.
Laurie W. Little