Valeant Pharmaceuticals has 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.”