Deal for prescription and consumer products firm could include another A$75M in milestones.
Valeant is to acquire pharmaceutical sales firm iNova Pharmaceuticals, for A$625 million (almost $617.75 million) up front, and potentially another A$75 million (about $74.12 million) in milestones related to pipeline projects, product registrations, and overall revenues.
iNova sells and distributes a range of prescription and OTC products in Australasia, Asia-Pacific, South Africa, the Americas, and other international markets. The firm’s strategy is to take on late clinical-phase and fully developed products requiring registration or for which registration is under way or completed.
iNova in addition has product development expertise, which is focused on new product introductions life cycle management, product quality, and drug formulation developments. The firm’s revenues are expected to reach approximately A$200 million in 2011, with revenues having grown at a rate of some 10% annually over the last four years.
Valeant has completed a swathe of acquisitions this year. Most recently the firm completed the first stage of its C$0.85 per share acquisition of Canadian consumer health products firm Afexa.