FORT WORTH, Texas, Sept. 17 /PRNewswire/ -- H. Paul Dorman, Chairman and Chief Executive Officer of Fort Worth-based DFB Pharmaceuticals, Inc., today announced that DFB has signed a definitive agreement to sell its dermatology division Coria Laboratories, Ltd. to Valeant Pharmaceuticals International (NYSE: VRX).
Under the terms of the agreement, Valeant will purchase all of the outstanding shares of Coria from DFB Pharmaceuticals, Inc., and other shareholders for $95 million, subject to certain adjustments. The transaction is expected to close following the required approval under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.
"This merger is an exciting milestone in the evolution of the Coria business," said Mr. Dorman. "Valeant has a commitment to the development and growth of its dermatology business, making it the ideal fit for Coria and its talented workforce here in Fort Worth as well as the field based sales representatives across the country. We see the combination of Coria with Valeant's financial strength as a way to maximize the past success of Coria and provide an outstanding platform to create a leading dermatology franchise."
The Coria transaction will add several marketed dermatology products to Valeant's portfolio, including the CeraVe(R) Skin Care Line, Cloderm(R) Cream for the treatment of dermatoses, Akne-Mycin(R) and Atralin(TM) for the treatment of acne, and Salex(R) for the treatment of hyperkeratotic skin disorders, as well as Tetrix(TM) Cream for the treatment of hand dermatitis which is expected to be launched later this year. In addition, Coria has several products under development, including line extensions for the CeraVe(R) brand product line.
Coria Laboratories was advised by William Blair & Company, L.L.C.
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 http://www.valeant.com.
About Coria Laboratories, Ltd.
Coria Laboratories, Ltd. is a rapidly growing pharmaceutical company specializing in research, development and marketing of high-quality dermatology products for the treatment of diseases affecting the skin, hair, and nails. Coria Laboratories has a broad portfolio of branded prescription and over-the-counter dermatology products. For more information on Coria Laboratories, visit the web site at: http://www.corialabs.com.
About DFB Pharmaceuticals, Inc.
DFB Pharmaceuticals, Inc. is a privately held Texas corporation that provides technology-driven pharmaceutical products, outsourcing services, and licensing opportunities through its affiliate partners to the healthcare industry worldwide. DFB's business structure is organized by segments: Branded Pharmaceuticals, Biotechnology, and Pharmaceutical Services. The Branded Pharmaceuticals segment includes HEALTHPOINT, Ltd., active in the research, development, and marketing of branded pharmaceuticals, over-the-counter drugs, and biotech drugs for wound care indications since 1992; and Coria Laboratories, Ltd., focusing on dermatology and treatments of diseases that affect the skin, hair, and nails. Pharmaceutical Services includes DPT Laboratories, Ltd., a Contract Development and Manufacturing Organization (CDMO) and industry source for semi-solid and liquid development and manufacturing services for the world's leading pharmaceutical, biotechnology, and healthcare companies. The Biotechnology segment encompasses Phyton Biotech, Inc., whose proprietary plant cell culture technology platform is used to develop and manufacture products with applications in the pharmaceutical and biotech industries; and Phyton's German subsidiary, Phyton GmbH, which operates the world's largest commercial cGMP manufacturing facility for plant cell fermentation. DFB is on the web at http://www.dfb.com.
|SOURCE DFB Pharmaceuticals, Inc.|
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