Valeant Pharmaceuticals (NYSE:VRX) has agreed to buy Sanofi-Aventis's (NYSE:SNY) U.S. and Canadian dermatology business for $425 million.
Dermik, which booked sales last year of $240 million, makes anti-aging facial treatment Sculptra Aesthetic, acne treatment Benzaclin, and keratoses drug Carac.
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The deal includes $18 million worth of available inventories and Dermiks manufacturing facility in Canada, which currently produces roughly 70 formulations and more than 200 tablets, capsules, non-sterile liquids and ointments for both Sanofi and third parties.
We are pleased to add another strong dermatology franchise to our growing operations in the U.S. and Canada, Valeant CEO Michael Pearson said in a statement, noting the deal provides the company with exciting opportunities to leverage combined portfolios and expand into new territories.
The transaction, subject to certain closing conditions and regulatory approvals, is slated to close later this year.