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DFB Sells Coria Labs to Valeant Pharmaceuticals
Date:9/17/2008

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.

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SOURCE DFB Pharmaceuticals, Inc.
Copyright©2008 PR Newswire.
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