Valeant Pharmaceuticals (VRX) Agrees to Acquire Coria Labs for $95M

September 17, 2008 8:50 AM EDT

Valeant Pharmaceuticals International (NYSE: VRX) today announced that it has signed a definitive agreement to acquire Coria Laboratories, Ltd., a privately-held specialty pharmaceutical company focused on dermatology products in the United States. This transaction significantly expands Valeant's business in the U.S. and enhances the company's dermatology franchise through the acquisition of key products which complement its current portfolio. Current annualized net sales are approximately $40 million.

Under the terms of the agreement, Valeant will purchase all of the outstanding shares of Coria from its parent company, DFB Pharmaceuticals, Inc., and other shareholders for $95 million, subject to certain adjustments. The transaction is expected to close following the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvement Act of 1976, as amended.

Valeant Pharmaceuticals International, a specialty pharmaceutical company, engages in the development, manufacture, and marketing of a range of pharmaceutical products.

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