Healthcare Industry News: psoriasis
News Release - November 14, 2008
VALEANT PHARMACEUTICALS ACQUIRES DERMATECH
Purchase Expands Valeant's Dermatology Business in AustraliaALISO VIEJO, Calif., November 14, 2008 - (HSMN NewsFeed) - Valeant Pharmaceuticals International (NYSE:VRX) today announced that it has acquired DermaTech Pty Ltd, an Australian specialty pharmaceutical company focused on dermatology products marketed throughout Australia and overseas, for approximately AU$19 million, with customary adjustments for net asset value. This transaction significantly expands Valeant’s Australian specialty pharmaceutical business through the acquisition of key products in both the retail and prescription brands, which complement Valeant’s current product portfolio. DermaTech’s current annualized net sales are approximately AU$10.5 million.
About Valeant
Valeant Pharmaceuticals International (NYSE:VRX) is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products primarily in the areas of neurology and dermatology. More information about Valeant can be found at www.valeant.com.
About DermaTech
DermaTech Pty Ltd is an Australian company specializing in the development, production and distribution of innovative products to address common dermatological conditions such as dry, itchy or sensitive skin, acne, eczema, psoriasis, contact dermatitis, insect bites, skin warts and sunburn. More information on DermaTech and its products is available by visiting its Web site at www.dermatech.com.au.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, including, but not limited to, statements regarding the future growth in Valeant’s dermatology franchise and the impact of the DermaTech acquisition on Valeant’s business. 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, but are not limited to, risks and uncertainties related to Valeant’s ability to successfully integrate the DermaTech assets, the potential that competitors may bring to market products or treatments that are more commercially attractive than existing or future DermaTech products, and other risks and uncertainties discussed in the company’s filings with the SEC. The company cautions the reader that these factors are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements. The company also cautions the reader that undue reliance should not be placed on any of the forward-looking statements, which speak only as of the date of this press release. The company undertakes no responsibility 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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