Valeant goes shopping again, buying branded generics from Gerot Lannach
Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) says it has signed an agreement to buy certain assets from Gerot Lannach, a branded generics pharmaceutical company based in Austria.
Around 90% of sales relating to these assets are in Russia, along with a strong presence in certain other Commonwealth of Independent States (CIS) countries including Kazakhstan and Uzbekistan. Gerot Lannach's largest product is acetylsalicylic acid, a low dose aspirin. Total revenue for these products in 2011 was around $55 million, which represented sales growth of greater than 20% over 2010. Valeant will acquire the assets for less than three times sales, with up to an additional $20 million in prospective milestone payments, based on future performance objectives.
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