Canada's Valeant Pharmaceuticals International Inc today said it is acquiring Lithuania-based specialty pharmaceuticals company AB Sanitas for about €314 million ($443 million) in cash, to expand in Central and Eastern Europe.
The major shareholders of Sanitas have agreed to sell Valeant 87.2 per cent of the outstanding shares of Sanitas, with at least 82.6 per cent of the outstanding shares required to be delivered at closing.
After the acquisition of this controlling block of shares, Valeant would commence a mandatory tender offer to acquire the remaining minority interest.
The total purchase price is expected to be approximately €314 million in cash, including €50 million in debt.
Sanitas, a publicly-traded specialty pharmaceuticals company based in Kaunas, Lithuania, has a broad branded generics product portfolio consisting of 390 products in nine countries throughout Central and Eastern Europe, primarily Poland, Russia and Lithuania.
Sanitas has in-house development capabilities in dermatology, ophthalmology and hospital injectables and a pipeline of internally developed and acquired dossiers.