Valeant Pharma to acquire podiatry firm Pedinol

In a fourth takeover deal so far this year, Canadian drugmaker Valeant Pharmaceuticals International. (TSX: VRX) says that it has acquired Pedinol Pharmacal, a podiatry-focused, privately-owned specialty pharmaceutical company based in the USA.

The price of the acquisition was less than 1.5 times Pedinol’s sales, said Valeant, which given that the firm’s 2011 revenue was around $18 million, means under $27 million. The transaction is expected to be immediately accretive.

"The Pedinol business will be a strong fit alongside Valeant's dermatology franchise," stated Michael Pearson, Valeant's chairman and chief executive, adding: "The podiatry market has similar characteristics to the dermatology market that we find attractive from a risk and reward aspect, and expanding into this area is a natural extension of our topical formulation development capabilities. Pedinol has over 85 years of experience in podiatry and a highly regarded national field sales organization, which are both key as we prepare for broader expansion into this market. We expect Pedinol's established presence in the podiatry market to be a valuable asset for Valeant."