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PHARMACEUTICALS
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Aliso Viejo's Valeant plans to acquire Australian skincare firm for $69 million

Company also recently bought out Dow stockholders.

By Kristen SchottPublished: September 30, 2009 10:31 AM

Aliso Viejo-based Valeant Pharmaceuticals is set to acquire Private Formula International Holdings Pty Limited. Under the agreement, Valeant will pay $69 million at the closing of the deal and will issue 162,500 shares of its common stock.

It's yet another big move for the firm, which manufactures neurology and dermatology products: Valeant also is paying $115 million to buy out all current and future income from former Dow Pharmaceutical Sciences Inc. stockholders pertaining to all out-licensed and pipeline products. Valeant bought Dow earlier this year.

With the newest acquisition, Valeant will get global rights to Dr. LeWinn's brands – the highest-selling skincare brand in Australian pharmacies – as well as Hissyfit and Revitanail, which is known as Renunail in the U.S. Dr. LeWinn's is distributed in more than 2,500 pharmacies throughout the country and has current annual sales of $27 million.

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