Valeant (VRX) to Buy 19.9% Stake in Pele Nova Biotecnologia

Valeant Pharmaceuticals International, Inc. (NYSE: VRX) announced today that Valeant has acquired a 19.9% minority equity investment in Pele Nova Biotecnologia S.A. a Brazilian research company focused on tissue regeneration. In return for the ownership, for which Valeant paid less than $10 million, Valeant will have representation on Pele Nova's Board of Directors, a reduced royalty rate for Regederm, rights to all future products in Brazil, and the first right of refusal for global product rights. Regederm, a biologic wound healing product, was recently approved in Brazil and is expected to be launched in April of 2012.

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