Valeant Pharma to acquire assets in Mexico; Mylan invests in Ireland

Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSX: VRX) says it has signed an agreement to acquire certain assets from Atlantis Pharma, a branded generics pharmaceutical company located in Mexico with a broad product portfolio, including products in the gastro, analgesics and anti-inflammatory therapeutic categories, for around $71 million.

The acquired assets' total revenue in 2011 was about $26 million and is expected to deliver double digit growth in 2012. The transaction is expected to close in the second quarter, subject to certain closing conditions including regulatory approvals, and is expected to be immediately accretive.

"Atlantis Pharma's well-known brands in Mexico, and the potential to expand our export business to Central America and the Andean region, make this a strong addition to our current operations in Mexico," stated Michael Pearson, chairman and chief executive of Valeant, noting: "The ability to combine these assets with our existing operations in Mexico should provide distinct commercial synergies for our overall business."