Valeant (VRX) Gets FTC Approval for Consent Orders in Dermik, Ortho Dermatologics Acquisitions
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Valeant Pharmaceuticals International, Inc. (NYSE: VRX) reports the Federal Trade Commission (FTC) voted unanimously to approve the consent orders in connection with Valeant's acquisition of Dermik, a dermatology unit of Sanofi (NYSE: SNY), and the U.S. assets of Ortho Dermatologics, a division of Janssen Pharmaceuticals, Inc.
As a result of the Commission vote, Valeant is now free to proceed with closing the transactions, subject to other closing conditions. Under the consent orders, Valeant is required to dissolve its collaboration related to Refissa and generic tretinoin emollient cream (TEC) and return those products to Spear Pharmaceuticals, who owns the Abbreviated New Drug Applications, as well as the divestiture of 1% clindamycin and 5% benzoyl peroxide gel (IDP-111), a generic version of Benzaclin, and 5% fluorouracil cream, (5-FU), an authorized generic of Efudex.
Valeant expects to complete the acquisition of the U.S. assets of Ortho Dermatologics today and Dermik by the end of 2011.
As a result of the Commission vote, Valeant is now free to proceed with closing the transactions, subject to other closing conditions. Under the consent orders, Valeant is required to dissolve its collaboration related to Refissa and generic tretinoin emollient cream (TEC) and return those products to Spear Pharmaceuticals, who owns the Abbreviated New Drug Applications, as well as the divestiture of 1% clindamycin and 5% benzoyl peroxide gel (IDP-111), a generic version of Benzaclin, and 5% fluorouracil cream, (5-FU), an authorized generic of Efudex.
Valeant expects to complete the acquisition of the U.S. assets of Ortho Dermatologics today and Dermik by the end of 2011.
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