Valeant Pharmaceuticals International, Inc., announced today that it has agreed to acquire Afexa Life Sciences Inc. for approximately C$76 million. Afexa, a health-science company headquartered in Edmonton, Alberta, Canada, currently markets several consumer brands, such as COLD-FX and COLDSORE-FXT, and has annual revenues of approximately C$40 million.
“We are pleased to have the full support of Afexa’s management team and board of directors for a transaction that we believe should deliver significant benefits to our customers, employees and shareholders,” stated J. Michael Pearson, chairman and chief executive officer. “Afexa’s strong franchise of consumer brands, including COLD-FX, Canada’s leading over the counter (OTC) cold and flu treatment, will be a solid addition to our developing OTC product portfolio in Canada. Afexa’s product line, combined with our portfolio from VitalScience, including dermaglow, and our recent Canadian launch of CeraVe, will provide the critical mass we need in the OTC market and should provide Valeant Canada with another platform for growth.”