Valeant to acquire Laboratoire Dr Renaud of Canada in $21.8 million deal

California, USA-based Valeant Pharmaceuticals International has agreed to acquire Laboratoire Dr Renaud, a cosmeceutical company located in Laval, Quebec, Canada for approximately C$23 million ($21.8 million).

As part of the transaction, Valeant will also enter into a lease for a state-of-the-art, 45,000 square foot facility that includes a manufacturing plant completed in 2007 specializing in topical formulations. Laboratoire Dr Renaud currently has annualized sales of approximately C$11 million and the acquisition is expected to be accretive in 2010. The deal is subject to customary closing conditions and is expected to occur before the end of the year.

"This acquisition is part of our continued efforts to build a leading dermatology business by adding respected brand names in our select regions," said Michael Pearson, chairman and chief executive. "Laboratoire Dr Renaud enjoys a high degree of loyalty from esthetic clinics and spas and we believe that Valeant will gain immediate entree into the cosmeceutical market in Canada. With exclusive access to a world class topical manufacturing plant and a successful sales and marketing infrastructure, we also have the ability to launch select US dermatology products into Canada and further expand our reach in dermatology,' he added.