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Valeant acquires podiatry-focused pharmaceutical firm

Thursday, April 12 2012 | Comments
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Valeant Pharmaceuticals International Inc. purchased Pedinol Pharmacal Inc., a private pharmaceutical company based in Farmingdale, N.Y., that specialized in podiatry products.

Valeant said the purchase price was less than 1.5 times sales, adding that Pedinol's revenue last year was approximately $18 million. Reuters reported the purchase price at approximately $27 million.

The transaction is expected to be immediately accretive to Valeant.

"The Pedinol business will be a strong fit alongside Valeant's dermatology franchise," said J. Michael Pearson, chief executive officer of Valeant. "The podiatry market has similar characteristics to the dermatology market that we find attractive from a risk and reward aspect, and expanding into this area is a natural extension of our topical formulation development capabilities."

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