J&J's Jansen to sell Ortho Dermatologics to Valeant for $345 mn
16 July 2011
Canada's specialty drugmaker, Valeant Pharmaceuticals International yesterday said that it will acquire Ortho Dermatologics, a unit of Johnson & Johnson-owned Janssen Pharmaceuticals, for $345 million.
Los Angeles-based Ortho Dermatologics offers a complete range of anti-ageing, anti-acne, anti-fungal, post-procedure care and specialty aesthetic brands that helps to restore health and beauty to the skin.
Mississauga, Ontario-based Valeant will buy the assets of Janssen, which includes prescription brands Retin-A Micro, Ertaczo, and Renova. Total revenue for the product portfolio was approximately $150 million in 2010.
"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," said Michael Pearson, chairman and chief executive officer of Valeant. "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."
The sale comes four months after Belgiab drug firm Janssen sold its animal health unit to Elanco, the animal health division of Eli Lilly & Co, for an undisclosed sum in March 2011. (See: Eli Lilly to acquire Johnson & Johnson's animal health unit)
Valeant is a multinational specialty pharmaceutical company that develops, manufactures and markets a broad range of pharmaceutical products focused on the neurology and dermatology therapeutic areas primarily in the US, Canada, Mexico, Brazil, Europe and Australia.
Valeant, which has a portfolio of over 500 products, has recently gone on a acquisition spree with its latest purchase being the May 2011 acquisition of Lithuania-based specialty pharmaceuticals company AB Sanitas for about €314 million ($443 million) in cash, a move aimed at expanding in Central and Eastern Europe.