Healthcare Industry News: Meda AB
News Release - August 7, 2008
Valeant Announces Agreement to Enter into Joint Venture with MedaValeant and Meda intend to collaborate, market and commercialize certain current and future Meda products in Australia, Canada and Mexico
ALISO VIEJO, Calif. & STOCKHOLM, Sweden--(HSMN NewsFeed)--Valeant Pharmaceuticals International (NYSE:VRX ) and Meda AB announced today that the companies have agreed to form joint ventures in Australia, Canada and Mexico to develop, market and commercialize certain current and future products. The joint ventures will be majority-owned by Meda and Valeant will own a minority interest. The joint ventures will pursue the regulatory filings and manage the commercialization of the products and Valeant will participate in a profit share. The joint ventures will initially include products such as Sublinox™ (treatment of insomnia) and flupertine (pain treatment), with the option to include additional products in the future.
“I am delighted to join Meda in a strategic partnership that will provide new opportunities for both companies,” stated J. Michael Pearson, chairman and chief executive officer. “Through these joint ventures, Valeant will be able to increase the leverage of our business operations in Canada, Mexico and Australia, while opening up new market opportunities for Meda.”
“We are very pleased to be able to join Valeant in the creation of these three joint ventures,” said Anders Lonner, chief executive officer of Meda. “Long-term partnerships are a fundamental cornerstone of Meda’s strategy and I believe that this collaboration will yield long-term benefits for both companies.”
Meda AB, an international specialty pharmaceutical company located in Stockholm, Sweden, recently signed an agreement to acquire Valeant’s business operations located in Western Europe, Eastern Europe including Russia, and certain export markets.
Valeant Pharmaceuticals International (NYSE:VRX ) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.
About Meda AB
Meda is an international specialty pharma company, with focus on marketing and market-adapted product development. Long-term partnerships and acquisitions are fundamental factors in its strategy.
Meda is represented with its own affiliates in all of Europe and the U.S., with more than 1500 employees in marketing and sales. The company’s products are sold in about 120 countries.
This press release contains forward-looking statements within the meaning of the federal securities laws relating to expectations, plans or prospects for Valeant, including the joint ventures’ intention to pursue regulatory filings in Australia, Canada and Mexico and Valeant’s ability to leverage its operations and successfully commercialize Sublinox and flupertine. These statements are based upon the current expectations and beliefs of Valeant’s 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 market conditions, whether we will be able to file and receive appropriate regulatory approval for the new products in Australia, Canada or Mexico, and the risk factors and other cautionary statements discussed in Valeant’s filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on any of the forward-looking statements in this press release, which speak only as of the date of this press release. 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.
Source: Valeant Pharmaceuticals
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