Deal enhances dermatology portfolio in the U.S. and comes after divestiture of European and Asia-Pacific segments.
Valeant Pharmaceuticals intends on buying Coria Laboratories from its parent company, DFB Pharmaceuticals, and other shareholders for $95 million. The acquisition will enhance Valeant’s business in the U.S., particularly its dermatology franchise. It is expected to be accretive to earning in 2009.
Coria’s portfolio of marketed treatments includes the CeraVe® skin care line, Cloderm® cream for dermatoses, Akne-Mycin® and Atralin™ for the treatment of acne, and Salex® for hyperkeratotic skin disorders. Tetrix™ cream for hand dermatitis is expected to be launched later this year. Additionally Coria reports that it has products under development, including line extensions for CeraVe.
This transaction comes after a slew of divestitures from Valeant’s side to allow the company to focus on North America. Most recently, the firm sold its East and West European business for $392 million to Meda. Over the last two years, Valeant has also let go of its Asia-Pacific and Argentina businesses, its discovery and preclinical division, production plants in Switzerland and Puerto Rico, as well as cut half its staff.