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Valeant buys assets from skincare-focused pharmaceutical firm

Thursday, May 03 2012 | Comments
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Valeant Pharmaceuticals International Inc. agreed to acquire certain assets from University Medical Pharmaceuticals Corp., a privately held specialty pharmaceutical company focused on skincare products, for approximately $64 million plus potential milestones based on the attainment of future revenue targets.

Among the assets Valeant will acquire is University Medical's AcneFree, an over-the-counter acne treatment. Total 2011 revenue from the acquired assets was approximately $32 million.

Valeant said the transaction is expected to close by midyear, subject to certain closing conditions, and is expected to be immediately accretive.

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