Valeant Pharma to sell filler and toxin assets to Nestle for $1.4 billion

Acquisitive Canadian drugmaker Valeant Pharmaceuticals International (TSK: VRX) has entered into an agreement to sell its filler and toxin brands to Switzerland’s Nestle (NESN: VX), the world's leading nutrition, health and wellness company.

Under the terms of the accord, Nestle will acquire all rights to commercialize Valeant’s Restylane, Perlane, Emervel, Sculptra and Dysport aesthetic dermatology brands in the USA and Canada for $1.4 billion in cash. Nestle expects to complete its acquisition of Galderma in July and would expect to operate the acquired assets through Galderma. Earlier this year,  Nestle did a deal with French cosmetics giant L’Oreal to acquire its 50% stake in their Galderma joint venture.

“With this deal we have acquired key strategic assets to extend Nestle’s activities in the field of specialized, medical skin treatments, providing consumers with life-enhancing scientific products,” said Nestle chairman Peter Brabeck-Letmathe.