Valeant Pharmaceuticals International today announced that its wholly owned subsidiary, Valeant Canada Limited, has signed an agreement to acquire Vital Science Corp., a leading over-the-counter (OTC) dermatology company located in Toronto, Ontario, Canada for approximately C$10.5 million. Vital Science currently has annualized sales of approximately C$11 million and the transaction is expected to be accretive in 2010. The transaction is subject to certain closing conditions and is expected to close in the second quarter.
"Combining another attractive dermatology company with the Dr. Renaud portfolio we acquired last year is another significant step in our Canadian strategy," said J. Michael Pearson, chairman and chief executive officer.
"Vital Science's established brands such as dermaglow@ and Heiko, along with its strong distribution network in the Canadian retail channel, will enhance our current portfolio of products while providing us with the ability to more broadly promote our U.S. consumer brands such as CeraVe and Kinerase in the Canadian marketplace. We look forward to continuing to actively support the promotion of dermaglow@ and Heiko in the Canadian market as well as select international geographies."