Valeant to acquire Australia's iNova for up to $946 million

Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (NYSE: VRX and TSX: VRX) has signed an agreement to buy Australia-based iNova, a privately-held biotechnology company, from current owners, private equity firms Archer Capital and Ironbridge and other minority management shareholders.

Valeant will pay iNova shareholders A$625 million ($845.2 million) upfront and up to an additional A$75 million in potential milestones based on the success of pipeline activities, product registrations and overall revenue.

iNova owns, develops and markets a diversified portfolio of well established and innovative prescription and over-the-counter pharmaceutical products in the Asia Pacific region and South Africa, including leading therapeutic weight management brands such as Duromine (phentermine), as well as leading OTC brands in the cold and cough area, such as Difflam and Duro Tuss.