Valeant buys dermatology drugs from Valeo Pharma for $25M

Valeant Pharmaceuticals International said Monday that it has acquired a dermatology portfolio of drugs and several speciality products from Valeo Pharma for $25.3 million.

Quebec-based Manitex Capital Inc., which owns 40 per cent of subsidiary Valeo Pharma, said $18.3 million will be paid in cash and the balance will be paid over a period of three years.

Valeant said the acquisition by its Canadian subsidiary Valeant Canada is complementary to its current product offerings.

Valeant Canada's recent acquisitions include Dermik, Medicis, Obagi, Bausch & Lomb, Solta Medical and Pro-Derma.

Valeant Pharmaceuticals is in the midst of a hostile takeover fight for U.S. drug maker Allergan Inc., the maker of Botox.

Allergan has repeatedly rejected Valeant's offers to buy the company, the latest for about US$53 billion in cash and stock.

Manitex Capital says the deal will allow Valeo Pharma to focus on product development, acquisitions, in-licensing and commercialization efforts on other specialty therapeutic areas and rare diseases.