ALISO VIEJO, Calif., May 8 /PRNewswire-FirstCall/ -- Valeant Pharmaceuticals International (NYSE: VRX) announced that it has acquired EMO-FARM Ltd., a privately held company located in Poland for approximately $28 million. The transaction expands the base for Valeant in Poland into multiple therapeutic categories. EMO-FARM has a strong expertise in topical products and brings with it a portfolio of currently marketed products and additional products under registration. As part of the transaction, Valeant will also acquire a state-of-the-art 13,000 square foot manufacturing plant completed earlier this year that specializes in gels, creams and ointments. Current annualized revenues are approximately $12 million.
"The acquisition of EMO-FARM is consistent with our business plan strategy," stated J. Michael Pearson, chairman and chief executive officer. "We now have a platform from which we can launch various topical products including our dermatology pipeline and become a premier dermatology company in the countries in which we operate The combination of an established portfolio of products, an anti-infective topical compound we plan to launch in 2010, and a cGMP-ready plant that equips us with new manufacturing capabilities, provides us with a solid dermatology opportunity in Poland, and eventually, throughout Central Europe."
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.
This press release may contain forward-looking statements, including, but not limited to, statements regarding the future growth in Valeant's European dermatology franchise, the impact of the EMO-FARM Ltd. acquisition on Valeant's business, the timing and potential success of registration and the approval of product candidates. These statements are based upon the current expectations and beliefs of 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 our ability to successfully integrate the EMO-FARM assets, risks and uncertainties relating to the clinical development of product candidates, regulatory approval processes, the potential that competitors may bring to market products or treatments that are more commercially attractive than existing or future EMO-FARM products, and other risks and uncertainties discussed in the company's most recent annual or quarterly report filed with the SEC, which factors are incorporated herein by reference. These risks are among the factors that could cause actual results to differ materially from the expectations described in the forward-looking statements and undue reliance should not be placed on any of these forward-looking statements. 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.
Contact: Laurie W. Little Valeant Pharmaceuticals 949-461-6002
|SOURCE Valeant Pharmaceuticals International|
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