Firm acquires 230 stock-keeping units such as dermatology drugs Kinerase®, Dermatix®, and Efudix®.
Valeant Pharmaceuticals completed the sale of its Asia Pacific operations to Invida Pharmaceutical Holdings for approximately $37.8 million in cash. The divestment comprises approximately 230 stock-keeping units (SKUs) including global dermatology brands such as Kinerase®, Dermatix®, and Efudix®.
Under this agreement, Invida gains Valeant’s current licensing rights and commercial operations for products marketed in 12 Asian markets including Singapore, the Philippines, Taiwan, Korea, and China. Certain product rights in Japan are also included in the transaction.
“Asia Pacific was a subscale operation for Valeant and was diverting unnecessary management attention and resources,” points out J. Michael Pearson, Valeant’s CEO and chairman.
For Invida, on the other hand, the transaction is expected to boost its resources and enhance its medical and marketing capabilities. “This acquisition is in line with Invida’s transformation from a sales-oriented service company into a company that integrates the core capabilities of a specialty pharmaceutical company,” remarks Guido Oelkers, Ph.D., Invida’s CEO.