Valeant to acquire Ortho Dermatologics

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Valeant Pharmaceuticals International announced today that Valeant’s subsidiaries, Valeant Pharmaceuticals North America LLC (VPNA) and Valeant International (Barbados) SRL (VIB), have signed an agreement to acquire the assets of the Ortho Dermatologics division of Janssen Pharmaceuticals, Inc.

Valeant will pay Janssen $345 million for the assets, which includes prescription brands RETIN-A MICRO®, ERTACZO®, and RENOVA®. Total revenue for the product portfolio was approximately $150 million in 2010. The transaction is subject to certain closing conditions and regulatory approvals and is expected to be accretive in 2011.

“With the combination of this transaction and other recently announced transactions, Valeant is well on its way to being one of the leading companies in dermatology,” stated J. Michael Pearson, chairman and chief executive officer. “We believe that dermatology remains an attractive therapeutic area for Valeant and we are pleased to able to add another strong franchise to our growing operations.”

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